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 is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.
  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     
  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.
  • What is eligible for Patent registration?

    Patents are granted for the invention of products or processes. However, for it to be patentable, the invention

    • Must be new,
    • Must have an inventive step that is not obvious to someone with knowledge and experience in the subject,
    • Must be capable of being made or used in some kind of industry and not be, a scientific or mathematical discovery, theory or method, a literary, dramatic, musical or artistic work, a way of performing a mental act, playing a game or doing business, the presentation of information, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis,
    • And must not be against public policy or morality.
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • Can a minor be a company director?

    No, a minor cannot be a director. A minor under Nigerian Law is anyone who is below 18 years of age.
  • What do I need for a trademark search in Nigeria?

    To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp