After years of lack of clear regulations and despite the deleterious reputation of its financial sector, Nigeria, the leader in cryptocurrencies in Africa, is trying to regulate the digital asset sector.

Nigerian authorities and regulators have been trying for a year to establish a formal framework. Indeed, in 2023 and 2024, Nigeria ranked second globally on a cryptocurrency adoption index established by Chainalysis , a global digital asset analysis company. Last August, the Nigeria Securities Commission (SEC) granted an “agreement in principle” to two cryptocurrency exchange platforms, Busha Digital Limited and Quidax Technologies Limited, allowing them to start trading. According to Buchi Okoro, co-founder and CEO of Quidax Technologies Limited, “the SEC agreement sent a clear message to potential cryptocurrency investors, putting

In December, the Nigeria Economic and Financial Crimes Commission (EFCC) said it arrested 792 suspects, including several foreigners, in Lagos “for their alleged involvement in cryptocurrency investment fraud and sentimentality scams.”