Regulatory AlertsNigeria: crypto & digital assets regulation
Partially regulatedSEC regulates VASPs via ARIP sandbox; CBN restricts banking interfaces
- Lead regulator
- Securities and Exchange Commission (SEC)
- Core law
- Investment and Securities Act 2022
- Entry capital
- NGN 500m (VASP)
- Approval timeline
- 3-6 months to approval-in-principle
- Customer assets
- Licensed custodian only
- Data protection
- NDPA 2023 · NDPC
- Sandbox
- Yes - ARIP
Nigeria operates a dual-track regime where the SEC regulates digital assets as securities under the ISA 2022, while the CBN restricts traditional banking interfaces. The SEC's ARIP framework allows VASPs to operate conditionally, but full licensing requires significant capital and compliance. The CBN maintains a prohibition on financial institutions facilitating crypto transactions.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceVASP License[1] Requires ARIP approval-in-principle first | NGN 500m | 3-6 months | SEC |
| Custody of client assets | LicenceVASP License[1] Must be part of VASP license scope | NGN 500m | 3-6 months | SEC |
| Token issuance / public offering | LicenceIssuer Registration[1] Whitepaper filing required for assessment | — | 30 days assessment | SEC |
| Broker-dealer / OTC desk | LicenceVASP License[1] OTC desks require VASP registration | NGN 500m | 3-6 months | SEC |
| Stablecoin issuance | LicenceVASP License[1] Treated as digital asset security | NGN 500m | 3-6 months | SEC |
| Crypto payments acceptance | Prohibited[2][3] Banks prohibited from facilitating crypto payments | — | — | CBN |
| Mining / staking services | Uncertainverify with regulator No specific guidance found | — | — | — |
| Advisory / portfolio management | Uncertainverify with regulator No specific guidance found | — | — | — |
New — what changed recently
- 2026-07-03ARIP Expansion — SEC granted AIP to GIGX and KuCoin, expanding the sandbox cohort.[4]
- 2026-07-02ARIP New Onboarding — Seven new fintechs including Bitbarter and Luno admitted to ARIP.[5]
- 2025-06-05Unregistered Asset Alerts — SEC issued alerts on ZUGACOIN and SAMZUGA GPT as unauthorized.[6]
- 2024-06-04ARIP Framework Launch — SEC introduced ARIP framework for VASP onboarding.
Market-entry checklist
- 1Secure ARIP ApprovalApply to SEC for Approval-in-Principle under the ARIP framework.
- 2Meet Capital RequirementEnsure NGN 500m statutory capital for VASP licensing.
- 3File WhitepaperSubmit detailed whitepaper for 30-day regulatory assessment if issuing tokens.
- 4Establish CustodyPartner with a licensed custodian for client asset protection.
- 5Comply with AMLRegister with NFIU and implement robust AML/CFT protocols.
- 6Avoid Banking LinksDo not rely on CBN-regulated banks for crypto payment processing.
Sources
- Rules on Issuance, Offering Platforms and Custody of Digital Assets · 2022-05-13
- Letter to All Deposit Money Banks, Non-Financial Financial Institutions and Other Financial Institutions · 2021-02-05
- Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPs) · 2024-01-02
- SEC Nigeria Clears Two Additional VASPs for Admission into ARIP · 2026-07-03
- SEC Clears Seven New Fintech Firms for Admission into the Accelerated Regulatory Incubation Programme (ARIP) · 2026-07-02
- SEC Alert on Unauthorized ZUGACOIN and SAMZUGA GPT · 2025-06-17
This guide is compiled automatically from 6 primary-source documents published by Nigeria's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.