Blockchain And Cryptocurrency Regulations: Navigating The Evolving Landscape In Nigeria

In recent years, Nigeria has witnessed a surge in the adoption of blockchain technology and cryptocurrency, signalling a growing interest in digital assets among businesses and investors.¹ EMURGO Africa, in strategic partnership with PwC, unearthed compelling statistics, reporting the pivotal rise of blockchain investments within Africa. Blockchain funding soared by a stunning 1,668% in 2022 compared to the preceding year, accumulating a total of USD 91 million in countries like Kenya, South Africa, and Nigeria.² However, navigating blockchain and cryptocurrency regulations in Nigeria has been a complex twist with the recent saga with Binance in Nigeria.³

In this article, we explore the dynamic regulatory environment of blockchain and cryptocurrencies in Nigeria, including recent legislative developments and industry responses to these developments.