Nigeria is taking a front-door approach to regulating virtual assets.
For years, the country’s crypto economy operated through a mix of offshore exchanges, peer-to-peer (P2P) networks, informal payment rails, and loosely supervised infrastructure.
Regulators are now trying to pull that activity into the formal financial system without repeating the blunt restrictions that characterised earlier attempts to control the sector.
Nigeria is prioritising two things in its regulatory approach: taxation and transaction monitoring. This aligns, in part, with the global Crypto-Asset Reporting Framework (CARF), to which Nigeria has committed to implementing from 2028.
Originally published by TechCabal.