AN APPRAISAL OF THE LEGAL CHALLENGES IN REGULATING BLOCKCHAIN TECHNOLOGY IN NIGERIA
Abstract
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ABSTRACT
Blockchain Technology is technology that is currently gaining traction in Nigeria. Blockchain
Technology is majorly associated with the financial industry for carrying out crypto-trading and
trade of digital assets on Blockchain networks. However, it can be applied to other industries.
Therefore, this study focused on appraisal of the legal challenges in regulating Blockchain
Technology in Nigeria. The objectives of this study were the examination of the concept of
Blockchain Technology, the examination of the laws regulating Blockchain Technology in
Nigeria and the appraisal of the legal challenges in regulating Blockchain Technology in
Nigeria. The study used the doctrinal research methodology. Thus, both primary and secondary
research materials were used to identify the legal rules and principles that regulate Blockchain
Technology, describe the legal regime regulating Blockchain Technology, identify the legal
regime regulating the technology in other jurisdictions, identify challenges associated with
regulating the technology and recommend solutions. The study thus found that Blockchain
essentially is a chain of blocks which functions as a decentralized and immutable ledger.
Furthermore, in adopting the Blockchain Technology, there is need for an adequate regulatory
structure. Regulation however is still in its infancy in Nigeria, these regulations thus regulate the
technology majorly in respect of finance and as digital property. Also, the major regulatory
agencies in the country are the Security and Exchange Commission (SEC) and the Central Bank
of Nigeria (CBN) which have passed numerous rules and regulations on the subject matter.
Therefore, the regulation of Blockchain Technology is faced with several challenges which must
be adequately considered in the adoption of this technology. In conclusion, there is urgent need
to develop clear and specific regulations for Blockchain and other crypto related transactions.
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