Nigeria officially classifies Bitcoin as a security through a new bill.

2025-05-01 01:55:38

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According to a news from Shenchao TechFlow on May 1, as reported by Forbes, Nigerian President Tinubu signed the Investment and Securities Act 2025 last month, officially classifying Bitcoin and other digital assets as securities. This marks the first official recognition of the legal status of Bitcoin by Nigerian regulators.

The new bill will grant the Nigerian Securities and Exchange Commission (SEC) regulatory authority over Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges (DAEs). The bill also takes a tough stance against Ponzi schemes, with violators facing fines of at least 20 million Naira (approximately $12,430) and up to 10 years in prison.

Despite Nigeria being one of the countries with the highest Bitcoin adoption rates and P2P transaction volumes globally, the country has previously lacked a clear regulatory framework for digital assets. Bitnob CEO Bernard Parah stated: “Having clearer regulations is a good thing. Now that this step has been completed, it will be easier to further revise specific terms as the industry matures.”

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