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),

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

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