Nigeria shifts to regulating crypto via existing laws, not new statute

Nigeria will not introduce new legislation to regulate virtual assets, opting instead to leverage existing regulatory frameworks like the Investment and Securities Act (ISA). The Virtual Asset Regulatory Authority (VARA) white paper, released by President Tinubu, emphasizes a proportionate, evidence-based approach aligned with global standards. This strategy empowers regulators like the SEC and CBN to supervise crypto activities through registration and proportionate oversight, rather than creating standalone laws. Nigeria's crypto market, with $92.1 billion in transactions in 2024-2025, remains largely unregulated despite ISA recognizing the SEC as the digital assets regulator in 2025. The approach contrasts with Kenya's segmented licensing model, focusing on principles-based regulation first. This cautious calibration aims to avoid regulatory shock while embedding crypto within existing financial frameworks, though it risks leaving gaps in consumer protection and tax transparency.

SOURCE: https://techcabal.com/2026/02/17/nigeria-will-not-introduce-new-crypto-law/