Nigeria has moved from debating crypto rules to putting a formal legal framework in place. The Investments and Securities Act 2025 replaced the old 2007 law and now includes virtual and digital assets under the definition of securities.
This is a major change from the situation covered in the original report. The earlier bill was meant to set clear rules for crypto and explain the roles of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The new law gives the SEC a clear legal role in regulating activities involving virtual and digital assets. It also covers other parts of the financial market, including investment contracts, commodities, futures and options.
Nigeria’s crypto rules have moved beyond the 2007 law
Nigeria once took a much stricter approach to crypto. In 2021, the CBN told banks and other financial institutions to stop handling accounts linked to cryptocurrency transactions. The move was linked to concerns about money laundering, terrorism financing and other financial crimes. The original report cited the CBN’s 2021 document.
The SEC had already started building rules for the crypto market before the 2025 law came into force. Its rules cover digital-asset exchanges, custodians and virtual asset service providers.
The SEC also has a public register of approved operators. This gives users a way to check whether a crypto company is approved to provide regulated services in Nigeria.
The new law does not mean every cryptocurrency is approved by the government. Crypto companies still have to meet rules on registration, customer protection, disclosures and anti-money-laundering checks.
For users, the change is important because crypto businesses now have clearer rules to follow. It also gives regulators a legal base for checking how these companies operate.
Also Read: What’s Actually In Nigeria’s VASP Bill and Where It Stands Now
SEC and CBN have different jobs
The SEC and CBN do not have the same role in Nigeria’s crypto market. The SEC handles activities linked to the capital market, including many services involving virtual and digital assets. On the other hand, the CBN remains important when crypto services connect with banks, payments and Nigeria’s financial system.
The CBN’s current regulatory sandbox also has a track for virtual asset service providers. It covers areas such as stablecoins backed by fiat currency, crypto payments, wallets, custody services, token-based products and systems that allow users to move between crypto and traditional money.
Being accepted into the sandbox does not give a company a full licence. Instead, it gives the CBN a way to test new financial products and see how they work under supervision.
The SEC has also continued to bring more crypto companies into its regulatory process. In August 2026, it cleared Pisi Payments Solution, BC Access Nigeria and Yellow Card Financial for its Accelerated Regulatory Incubation Programme. GIGX Technologies and KuCoin Nigeria received approval in principle in July.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
