How Virtual Assets Service Providers (VASPs) Can Obtain Licenses In Nigeria

Goldsmiths Solicitors

With the enactment of the Investment and Securities Act 2025, virtual assets/digital assets including cryptocurrencies, Non-Fungible Tokens, etc. can now be legally traded and transacted in Nigeria subject to satisfying applicable legal requirements.

NigeriaTechnology

Colin Egemonye

With the enactment of the Investment and Securities Act (ISA) 2025, virtual assets/digital assets including cryptocurrencies, Non-Fungible Tokens (NFTs), etc. can now be legally traded and transacted in Nigeria subject to satisfying applicable legal requirements.

Prior to the enactment of the ISA, the legality of trading or transacting in virtual/digital assets was uncertain especially following the Central Bank of Nigeria (CBN) circular of 2021 which directed all financial institutions to identify persons and entities transacting or operating cryptocurrency exchanges in Nigeria and ensure that their bank accounts are closed.

In 2022, the Nigerian Securities and Exchange Commission (SEC) issued the 'New Rules on Issuance, Offering Platforms and Custody of Digital Assets' (Digital Asset Rules) which set out the requirements for licensing and regulating different trading activities relating to virtual/digital assets including Virtual Assets Service Provider (VASP),

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

How Virtual Assets Service Providers (VASPs) Can Obtain Licenses In Nigeria

Related Articles

Who Is The Creator? Rethinking Authorship In The Age Of Generative AI

The Positive Impact Of Technological Development And Artificial Intelligence Across Various Sectors

Updates On The National Office For Technology Acquisition & Promotion (NOTAP) And Its Recent Activities And Other Developments

Updates On The National Information Technology Development Agency (NITDA) And Its Recent Activities And Other Developments

Nigeria’s National Digital Cloud Policy: Key Provisions And Implications For Business

Read more about

Related Comparative Guides

Blockchain & Crypto Assets

Fintech

Artificial Intelligence

See more popular content from

How To Obtain International Money Transfer Operators (IMTO) License From The Central Bank Of Nigeria

Virtual Asset Service Provider (VASP) Licences In Kenya & Nigeria - What You Need To Know

Revised CBN Guidelines On International Money Transfer Services In Nigeria

CBN Guidelines On Digital Lending In Nigeria: Legal Obligations For Fintechs And Lenders

How To Register And Obtain License As A Virtual Assets Service Provider (VASP) In Nigeria

Fintech Regulatory Update: The Central Bank Of Nigeria Commences AML/CFT/CPF Supervison Pilot Scheme For Select Virtual Asset Service Providers

Understanding The Central Bank Of Nigeria Guidelines On The Operation Of Bank Accounts For Virtual Assets Service Providers In Nigeria

CBN's New Guidelines For Virtual Asset Service Providers (VASPs): Operating Bank Accounts In Nigeria's Crypto Space

The Cybercrime (Prohibition, Prevention, Etc) (Amendment) ACT 2024

Summary Of The Revised Licence Categorisation For Operators In The Nigerian Payments

How To Obtain International Money Transfer Operators (IMTO) License From The Central Bank Of Nigeria

All You Need To Know About Nigeria's Newly Signed Tax Reform Acts

A Guide On Anti-Money Laundering And Counter-Terrorism Finance Compliance For Designated Non-Financial Businesses And Professions In Nigeria

Regulatory Compliance Checklist For Start-ups In Nigeria

Overregulation Of FinTechs In Nigeria: Myth Or Reality

Procedure For Revocation Of Trademark In Nigeria

The Role Of Arbitration In Resolving Disputes In Nigeria