The expansive growth of the virtual assets industry is primarily
due to the fact that they have become ubiquitous over the last few
years, prompting more national and regional authorities to grapple
with their regulation. With the inauguration of the Fintech Roadmap
Implementation Committee in Nigeria, one of the recommended areas
of implementation is to decide on the preferred classification of
crypto-currencies (either as Commodities, Securities or Currency).
Categorisation of these assets has been a hot topic in order to
determine the legal status and how the law would apply to them in
different circumstances.
At present, the judicial view on the legal nature of
cryptocurrency varies among jurisdictions. Some jurisdictions,
including Singapore, have held that virtual assets have the
characteristics of property. Other courts, including the European
Court of Justice (ECJ) and courts in the United States, have held
that cryptocurrency is a currency. Virtual
