{"id":3608,"date":"2022-05-22T14:48:32","date_gmt":"2022-05-22T14:48:32","guid":{"rendered":"https:\/\/blog.prestmit.io\/?p=3608"},"modified":"2025-09-30T04:15:25","modified_gmt":"2025-09-30T04:15:25","slug":"things-to-know-about-nigerias-sec-rules-governing-cryptocurrency","status":"publish","type":"post","link":"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency","title":{"rendered":"Things To Know About Nigeria&#8217;s SEC Rules Governing Cryptocurrency"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ea131551c1e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ea131551c1e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Unified_Legal_Framework\" >Unified Legal Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Licensing_and_Registrations\" >Licensing and Registrations<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#1_Digital_Asset_Offering_Platforms_DAOPs\" >1. Digital Asset Offering Platforms (DAOPs)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#2_Digital_Asset_Custodians_DACs\" >2. Digital Asset Custodians (DACs)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#3_Virtual_Assets_Service_Providers_VASPs\" >3. Virtual Assets Service Providers (VASPs)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#4_Digital_Asset_Exchanges_DAXs\" >4. Digital Asset Exchanges (DAXs)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#ISA_2025_Cryptocurrencies_Recognized_as_Securities\" >ISA 2025: Cryptocurrencies Recognized as Securities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Marketing_Rules_under_Nigerias_SEC_Digital_Assets_Regulations\" >Marketing Rules under Nigeria\u2019s SEC Digital Assets Regulations<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#1_Prior_Approval_for_Advertisements_and_Promotions\" >1. Prior Approval for Advertisements and Promotions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#2_Restriction_on_Use_of_Influencers_Endorsements\" >2. Restriction on Use of Influencers &amp; Endorsements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#3_Influencer_Obligations_and_Disclosures\" >3. Influencer Obligations and Disclosures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#4_Penalties_for_Non-Compliance\" >4. Penalties for Non-Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#5_Clear_and_Transparent_Messaging_Required\" >5. Clear and Transparent Messaging Required<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#6_Active_Monitoring_and_Enforcement\" >6. Active Monitoring and Enforcement<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Anti-Money_Laundering_AMLCounter-Terrorism_Financing_CTF_and_Know_Your_Customer_KYC_Requirements\" >Anti-Money Laundering (AML)\/Counter-Terrorism Financing (CTF) and Know Your Customer (KYC) Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Crypto_Taxation_in_Nigeria\" >Crypto Taxation in Nigeria<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Frequently_Asked_Questions_on_Nigerias_SEC_Rules_Governing_Cryptocurrency\" >Frequently Asked Questions on Nigeria\u2019s SEC Rules Governing Cryptocurrency<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Are_crypto_exchanges_allowed_to_operate_in_Nigeria\" >Are crypto exchanges allowed to operate in Nigeria?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Are_crypto_transactions_taxed_in_Nigeria\" >Are crypto transactions taxed in Nigeria?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Which_authorities_regulate_crypto_in_Nigeria\" >Which authorities regulate crypto in Nigeria?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\/#Conclusion\" >Conclusion\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">Cryptocurrency has become popular all over the world and has become an integral part of the world&#8217;s financial system. Countries like Nigeria have embraced the use of crypto as a digital asset as a store of wealth. In fact, the number of cryptocurrency users in Nigeria is expected to rise\u00a0 to 28.69 million users by 2026. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, while cryptocurrency offers new opportunities and significant potentials, it also comes with its own inherent risks like market manipulation and scams.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This has given birth to the need for clear regulations in order to manage risks and <a href=\"https:\/\/prestmit.io\/blog\/10-tips-secure-crypto-investments-year\">protect the investors.<\/a> Despite facing several challenges in the creation of\u00a0 strong regulatory frameworks for cryptocurrency, the Security and Exchange Commission (SEC) has laid down several rules that govern the use and trade of cryptocurrencies in the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This article provides everything you need to know about\u00a0 Nigeria&#8217;s Security and Exchange Commission rules governing cryptocurrency.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Unified_Legal_Framework\"><\/span><b>Unified Legal Framework<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-15436 size-full lazyload\" data-src=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/08\/cryptocurrency-1536x864-1.png\" alt=\"SEC Rules governing cryptocurrency in Nigeria \" width=\"1536\" height=\"864\" data-srcset=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/08\/cryptocurrency-1536x864-1.png 1536w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/08\/cryptocurrency-1536x864-1-1024x576.png 1024w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/08\/cryptocurrency-1536x864-1-150x84.png 150w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/08\/cryptocurrency-1536x864-1-768x432.png 768w\" data-sizes=\"(max-width: 1536px) 100vw, 1536px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1536px; --smush-placeholder-aspect-ratio: 1536\/864;\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Nigeria has taken steps to transition cryptocurrencies from a legal grey area to a formally recognised and regulated sector as crypto continues to gain global acceptance. Although owning crypto wasn\u2019t illegal, the status of cryptocurrencies in Nigeria was previously ambiguous because the Central Bank of Nigeria (CBN) prohibited financial institutions from facilitating crypto transactions. This led to a restrictive environment for both crypto owners.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the passage of the Investment and Securities Act 2025 changed this and digital assets are now defined as securities under the authority of the Securities and Exchange Commission (SEC). This new legal framework outlines clear compliance requirements and regulatory rules. Thus, establishing the <a href=\"https:\/\/prestmit.io\/blog\/list-of-countries-where-bitcoin-is-legal\">legality of cryptocurrencies<\/a> in the country even if it remains controlled.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Security and Exchange Commission was established by the Investment and Securities Act 2007 (ISA). It has the authority to regulate investments and security business in Nigeria, register and regulate investments and securities business, securities exchanges and any other recognised investment exchange.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the moment, the regulations guiding cryptocurrencies are managed by the SEC and the CBN. Crypto firms are defined as Virtual Asset Service Providers (VASPs) and are required by the SEC to be licensed and operate by SEC Digital Asset Rules. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The commission is also in charge of licensing and supervising Virtual Asset Service Providers (VASPs), setting operational rules, and working to protect investors.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Licensing_and_Registrations\"><\/span><b>Licensing and Registrations<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The SEC Rules on Issuance, Offering Platforms and Custody of Digital Assets 2022 set the framework for licensing and registration of businesses dealing with digital and virtual assets in Nigeria. The main categories of registration under the Rules include:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Digital_Asset_Offering_Platforms_DAOPs\"><\/span><b>1. Digital Asset Offering Platforms (DAOPs)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This license permits a company to run an electronic platform for issuing digital assets in Nigeria. To qualify, the applicant must be registered with the Corporate Affairs Commission (CAC). In most cases, a DAOP works alongside a Digital Asset Custodian (DAC), which is responsible for holding the assets offered on the platform.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Digital_Asset_Custodians_DACs\"><\/span><b>2. Digital Asset Custodians (DACs)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This license allows a company to handle the safekeeping and storage of digital or virtual tokens on behalf of clients. Only corporate bodies registered with the CAC are eligible to apply<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Virtual_Assets_Service_Providers_VASPs\"><\/span><b>3. Virtual Assets Service Providers (VASPs)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">VASPs are licensed companies that can facilitate the exchange of virtual assets for fiat currency, swap between different types of digital assets, transfer assets, provide safekeeping services, manage assets, and offer financial services linked to the sale or issuance of digital assets on behalf of others.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Digital_Asset_Exchanges_DAXs\"><\/span><b>4. Digital Asset Exchanges (DAXs)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This license covers the operation of an electronic marketplace where virtual or digital assets can be traded. To obtain it, the applicant must also be a company registered with the CAC.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ISA_2025_Cryptocurrencies_Recognized_as_Securities\"><\/span><b>ISA 2025: Cryptocurrencies Recognized as Securities<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Investment and Securities Act (ISA) 2025 was enacted on March 31, 2025 by President Bola Ahmed Tinubu to replace the previous ISA, updating the law with provisions impacting emerging trends, global standards and recent developments in the Nigerian Capital Market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In particular, the introduction of these provisions and changes in the ISA holds significant impact on the ownership and use of digital and virtual assets such as cryptocurrencies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, among other changes introduced by the ISA 2025 is the expansion of the scope of what the law defines as \u201csecurities\u201d. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Previously, securities under the ISA were classified as assets which could be acquired, transferred, or traded solely in relation to <a href=\"https:\/\/prestmit.io\/blog\/bond-market-vs-stock-market-difference\">bonds, stock<\/a>, debentures, shares, and other traditional instruments. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, section 357 of the ISA 2025 expands the definition of Securities to include virtual and digital assets. Therefore, virtual and digital assets such as cryptocurrencies, Non-Fungible Tokens (NFTs), digital currencies and other digital representation of value can now be lawfully owned, transferred, digitally traded and used for payment or investment purposes in Nigeria.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Similarly, the ISA now recognizes Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges as capital market operators as being within the regulatory purview and oversight of the Securities and Exchange Commission.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Marketing_Rules_under_Nigerias_SEC_Digital_Assets_Regulations\"><\/span><b>Marketing Rules under Nigeria\u2019s SEC Digital Assets Regulations<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-4230 size-full lazyload\" data-src=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/07\/Crypto-best-performer.jpeg\" alt=\"SEC rules governing cryptocurrency in Nigeria \" width=\"970\" height=\"647\" data-srcset=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/07\/Crypto-best-performer.jpeg 970w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/07\/Crypto-best-performer-300x200.jpeg 300w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/07\/Crypto-best-performer-768x512.jpeg 768w\" data-sizes=\"(max-width: 970px) 100vw, 970px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 970px; --smush-placeholder-aspect-ratio: 970\/647;\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Prior_Approval_for_Advertisements_and_Promotions\"><\/span><b>1. Prior Approval for Advertisements and Promotions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">All adverts, promotions, or marketing campaigns for digital asset offerings\u2014whether online, offline, or on social media\u2014must first be cleared by the SEC. Virtual Asset Service Providers (VASPs) working with third-party promoters also need to get a \u201cno-objection approval\u201d from the SEC, whether or not the promoters are paid.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Restriction_on_Use_of_Influencers_Endorsements\"><\/span><b>2. Restriction on Use of Influencers &amp; Endorsements<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The rules forbid the use of celebrities, fictional figures, or financial influencers (often called \u201cFinfluencers\u201d) in advertising digital assets.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Influencer_Obligations_and_Disclosures\"><\/span><b>3. Influencer Obligations and Disclosures<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Anyone who wants to promote digital asset services must first obtain a \u201cno-objection approval\u201d from the SEC. They must ensure that the platform or VASP they are endorsing is licensed, and clearly state any rewards they receive for the promotion-whether money, tokens, NFTs, or whitelist access.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Penalties_for_Non-Compliance\"><\/span><b>4. Penalties for Non-Compliance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Breaking these rules-such as promoting without approval, endorsing unlicensed services, or hiding payments-may lead to a minimum fine of \u20a610 million or as much as three years in prison.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Clear_and_Transparent_Messaging_Required\"><\/span><b>5. Clear and Transparent Messaging Required<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Promotions must use plain, easy-to-understand language and avoid technical or confusing terms. Flashy or exaggerated phrases like \u201csecure your future,\u201d \u201cbest offer,\u201d or \u201cdouble your earnings\u201d are discouraged to prevent misleading investors.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Active_Monitoring_and_Enforcement\"><\/span><b>6. Active Monitoring and Enforcement<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The SEC has stated it will closely track digital asset promotions across all platforms. Offenders will face sanctions, fines, and possible public exposure.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Anti-Money_Laundering_AMLCounter-Terrorism_Financing_CTF_and_Know_Your_Customer_KYC_Requirements\"><\/span><b>Anti-Money Laundering (AML)\/Counter-Terrorism Financing (CTF) and Know Your Customer (KYC) Requirements<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Digital asset service providers in Nigeria must follow strict rules to prevent money laundering and terrorism financing. These rules are primarily guided by the Money Laundering (Prohibition) Act, 2011 (as amended) and related regulations. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AML and CTF requirements are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Businesses must verify the identity of all customers before opening accounts or conducting transactions. This includes collecting official identification documents, proof of address, and other relevant information.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Institutions must monitor transactions for unusual or suspicious activity. Any transaction that appears to be linked to money laundering or terrorist financing must be reported to the Nigerian Financial Intelligence Unit (NFIU).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Customer information, transaction records, and due diligence documentation must be kept for a minimum period (usually five years) to allow for audits and regulatory inspection.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Organizations are required to assess the risk of money laundering and terrorism financing in their operations, including evaluating customers, products, services, and delivery channels.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any suspicious or unusual activity must be reported promptly to the NFIU. Failure to report can attract fines and regulatory penalties.<\/span><\/li>\n<\/ul>\n<p>The following ars the <a href=\"https:\/\/prestmit.io\/blog\/what-is-kyc-and-why-do-crypto-exchanges-require-it\">Know Your Customer (KYC)<\/a> requirements:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Verifying the customer\u2019s identity with government-issued IDs or corporate registration documents.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understanding the customer\u2019s source of funds and the nature of their business or activity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ongoing monitoring of customer transactions to detect any unusual behavior.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Crypto_Taxation_in_Nigeria\"><\/span><b>Crypto Taxation in Nigeria<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Transactions involving digital assets are subject to taxation under existing laws in Nigeria. The Federal Inland Revenue Service (FIRS) treats crypto activities as taxable events, especially where there is profit or income generation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Profits made from the sale or exchange of cryptocurrency may also be subject to capital gains tax, depending on the nature of the transaction and holding period. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The provisions of section 2 of the Finance Act 2023, section 3 of the CGTA was amended by including \u2018digital assets\u2019 as a chargeable asset for the purpose of capital gains tax in Nigeria.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The implication of this is that where the holder of a digital asset sells that digital asset, any profit that accrues from the sale of that asset will be subject to capital gains tax at the rate of 10%. Based on the above, capital gains from the disposal of digital assets are taxable at the rate of 10% in Nigeria.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_on_Nigerias_SEC_Rules_Governing_Cryptocurrency\"><\/span><b>Frequently Asked Questions on Nigeria\u2019s SEC Rules Governing Cryptocurrency<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Are_crypto_exchanges_allowed_to_operate_in_Nigeria\"><\/span><b>Are crypto exchanges allowed to operate in Nigeria?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Crypto exchanges can operate legally in Nigeria, but they must register with the SEC and comply with AML\/CFT regulations.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_crypto_transactions_taxed_in_Nigeria\"><\/span><b>Are crypto transactions taxed in Nigeria?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, profits from cryptocurrency activities are subject to capital gains tax under the country\u2019s current tax regulations.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_authorities_regulate_crypto_in_Nigeria\"><\/span><b>Which authorities regulate crypto in Nigeria?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Crypto-related activities in Nigeria are overseen by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Security and Exchange Commission rules\u00a0 set clear standards for anyone dealing with digital assets. They ensure that platforms, custodians, and service providers operate legally, protect investors, and follow anti-money laundering rules. It is important for anyone participating in the country\u2019s growing crypto space to stay informed and compliant of these rules to avoid breaking the law.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency has become popular all over the world and has become an integral part of the world&#8217;s financial system. Countries like Nigeria have embraced the use of crypto as a digital asset as a store of wealth. In fact, the number of cryptocurrency users in Nigeria is expected to rise\u00a0 to 28.69 million users by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15734,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1788],"tags":[533,2357],"class_list":["post-3608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-cryptocurrency-in-nigeria","tag-sec-rules"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Things To Know About Nigeria&#039;s SEC Rules Governing Cryptocurrency - Prestmit<\/title>\n<meta name=\"description\" content=\"Learn about everything you need to know about Nigeria&#039;s SEC rules governing cryptocurrency. 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