Crypto Currency Regulation in Nigeria

Crypto Currency Regulation in Nigeria

October 06, 2021

It is pertinent to understand what crypto currency is all about. Simply defined, crypto currency is the buy and selling of digital assets via exchanges. Examples of crypto currency is bitcoin, Ethereum, Litecoin etc. Crypto currency can be mined, farmed, sold or bought.

The cryptocurrency market is decentralized and the implication is that it is not governed by a centralized government but runs across streams of networks. Although, individual countries regulate the cryptocurrency market in their country, there is no law that regulates crypto currency in Nigeria but this does not in any way render the activities of cryptocurrency illegal.

In February, 2021 the Central Bank of Nigeria banned banks and other financial institutions from trading in crypto currency and enabling payment for crypto currency in Nigeria. This move has left the cryptocurrency market unregulated in Nigeria and by implication cryptocurrency is not an acceptable legal tender in Nigeria.

Although, Crypto currency itself has not been declared illegal, it is what the end user does with it that might amount to illegality.

Crypto currency is a digital asset that is different from the commonly used legal tender (Currency) and the way this by nature makes it hard to regulate.

In conclusion, it is imperative that the Financial regulatory bodies in Nigeria regulate the activities of crypto currency and declare it a legal tendency to accommodate the fast changing global market value.

Team 618 Bees

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.
  • Is my copyright registration in Nigeria protected globally?

    The nature of copyright is territorial, so the copyright work is only protected in the country of registration
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What is a trademark?

    A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp