Ah, Nigeria! A land of contradictions, where the government once banned cryptocurrencies faster than you could say “Bitcoin,” only to now embrace them with the fervor of a convert at a revival meeting. 🌍💸
President Bola Ahmed Tinubu, in a stroke of legislative genius (or perhaps desperation), has signed the Investment and Securities Act (ISA) 2025 into law. This groundbreaking move categorizes virtual assets and investment contracts as securities, effectively turning Nigeria into the digital finance leader of Africa. Who would have thought? 🏛️📜
New Laws Address AML and CTF Deficiencies, which Led to Nigeria’s Inclusion on FATF Grey List
In a twist that would make even the most seasoned bureaucrat blush, Nigerian lawmakers have finally recognized cryptocurrencies as securities. This monumental shift, part of the ISA 2025, repeals the outdated Investments and Securities Act No. 29 of 2007. According to Forbes Africa and Business Day, this new law aims to provide greater transparency, increase investments, and address fraudulent activities in the crypto space. Because, you know, nothing says “trust” like government regulation. 🤔💼
“However current trends globally have shown that there is need to regulate the activities of virtual assets service providers (VASPs), which include cryptocurrencies and crypto assets.”
Just days after the CBN issued a comprehensive ban on banks engaging with crypto, the CBN revised its restrictions on banks facilitating crypto transactions. After a nearly two-year comprehensive prohibition on banks’ involvement with digital currencies, the CBN relaxed its restrictions by allowing crypto firms to open bank accounts with Nigerian banks. Nigeria boasts one of the highest rates of crypto adoption and forced the CBN to revise its stance toward digital assets. 🏦🔄
Bringing Cryptocurrencies Under the Purview of the SEC
According to Forbes’ reporting, “the new law provides long-awaited regulatory clarity, bringing Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges under the direct oversight of the Securities and Exchange Commission (SEC).”
Nigerian financial analyst Olumide Adesina spoke to Forbes Africa, highlighting the importance of this legislation, stating:
“The regulation brings clarity and affirms the input of digital assets in the Nigerian capital market.”
Adesina adds:
“The law would likely attract huge players in the global industry to engage directly by setting up a physical presence with Africa’s biggest crypto market. Finally, it will also widen tokenization usage built on traditional assets and intensify interest among the younger populace.”
Dr. Agama explained that including digital asset regulation in ISA, 2025 offers a way to exit the grey list. In his remarks, Agama said:
“The AML CFT issue is what brought about our inclusion in the grey list; the inclusion of this law provides us an avenue to exit that grey list, and that is very critical to the international community.”
Dr. Agama further underscored a clear message to the global community that Nigeria is ready for business and has measures to protect legitimate business enterprises. As the SEC Director-General, Dr. Agama commented:
“SEC now has the power to clamp down on such entities. We encourage everyone in this space to come under regulation to seek clearance.”
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2025-04-11 10:04