EXAMINATION OF THE INSTITUTIONAL AND LEGAL FRAMEWORK FOR REGULATING CRYPTOCURRENCY IN NIGERIA
Abstract
ABSTRACT
The aim of this project is to examine the legislative and institutional framework for regulating crypto currency in Nigeria. The research thus takes into account the following objectives. It examined the extant legislations for regulating of Crypto Currency in Nigeria. It also examined the institutional framework for regulating Crypto currency in Nigeria. In addition, it determined the adequacy of the Legislative and institutional Framework in Regulating Crypto currency. The research methodology is a doctrinal research approach. This work is mostly library and internet-based, with an expository examination of the subject matter in the primary and secondary sources of Nigerian law. The findings of the research indicate that the legislation for the regulation of crypto currency includes the Investment and Securities Act 2025, Finance Act, Capital gains Act, The cybercrimes act, The Money Laundering Act, Virtual Asset Service Providers guideline, Digital Asset Rules, Economic and Financial Crimes Commission Act, National Information Technology Development Agency Act, African Union Digital Transformation Strategy, African Continental Free Trade Area Agreement, Basel Committee on Banking Supervision guideline, Financial Stability Board Crypto Market Regulations, and the International Organization of securities Commissions Principles of securities regulation. We also found that the institution for the regulation of Crypto currency includes Central Bank of Nigeria, Securities and Exchange Commission, Economic and Financial Crimes Commission and National Information Technology Development Agency. In addition, we also found that there have been challenges in regulation of cryptocurrency in Nigeria. This includes taxability of transactions, difficulty in identifying fraud and illicit behaviour online, fragmentation in cryptocurrency regulation, resistance from the public and industry stakeholders, infrastructural limitations and the rise of decentralized finance, smart contracts and anonymity in cryptocurrency transactions. Based on the findings, we propose the following recommendations. Comprehensive Cryptocurrency Regulation Law should be enacted. In addition, a Central Coordinating Regulatory Body should be established. Public Awareness initiatives should be implemented.
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