The Nigerian government has recognized Bitcoin as a security through legislation.

GateUser-6433627c · 2025-05-02T06:05:38+00:00

The Nigerian government officially recognizes the legal status of Bitcoin and other digital assets by including them in the category of securities through the Investment and Securities Bill of 2025. The bill grants the Nigerian SEC the authority to regulate virtual asset service providers, among others, and enhances the crackdown on Ponzi Schemes, with violators facing hefty fines and imprisonment.

GateUser-6433627c

2025-05-02 06:05:38

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[The Nigerian government has passed a law recognizing Bitcoin as a security] Nigerian President Tinubu signed the Investment and Securities Act 2025 last month, officially classifying Bitcoin and other digital assets as securities. This marks the first official recognition of the legal status of Bitcoin by Nigerian regulators. The new bill will grant the Nigerian Securities and Exchange Commission (SEC) regulatory authority over virtual asset service providers (VASPs), digital asset operators (DAOPs), and digital asset exchanges (DAEs). The bill also cracks down on Ponzi schemes, with violators facing fines of at least 20 million naira (approximately $12,430) and up to 10 years in prison.

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