Nigeria signals cautious crypto oversight, opting against rushing standalone virtual asset legislation for now.
Nigeria will not immediately introduce a new law to govern virtual assets. In a white paper by the Virtual Asset Regulatory Authority (VARA), President Bola Ahmed Tinubu said the government will rely on existing regulatory frameworks instead of creating fresh legislation.
“We do not intend to introduce new legislation… rushing to legislate prematurely risks placing undue burdens on participants,” Tinubu stated, emphasizing a proportionate and evidence-based approach.
Nigeria remains one of the world’s most active crypto markets. According to Chainalysis, Nigerians transacted $92.1 billion in crypto between July 2024 and June 2025. The Investment and Securities Act (ISA) already designates the Securities and Exchange Commission as digital assets regulator.
Rather than draft sweeping legislation, authorities will coordinate oversight through existing bodies, including the Central Bank of Nigeria and the Nigeria Revenue Service. The strategy aims for flexibility—but critics warn that unclear guidelines could create uncertainty if not carefully implemented.
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