Favour Uche, Associate PDF version downloadable here. 1.0. Introduction The emerging virtual asset ecosystem, including cryptocurrencies and digital assets, has seen remarkable growth in adoption in Nigeria over the years, attracting regulatory attention. As the leading African country in.. Read more
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Blockchain Technology
Policy & Regulations
Regulatory Compliance
April 9, 2024
A Comprehensive Guide on Digital Asset Exchanges in Nigeria: Registration and Operation under the Securities and Exchange Commission Rules
Policy & Regulations
Regulatory Compliance
December 11, 2023
Disconnecting Switching Companies, PSSPs, Super Agents, and Others from NIBSS Instant Payment (NIP) Outward Transfer Platform
With immediate effect, Payment Solution Service Providers (PSSPs), Super Agents (SAs), Switching Companies (Switches), and others are to be disconnected from outward payments on the NIBSS Instant Payment (NIP) platform.
Updates & Headlines
December 7, 2023
Infusion Lawyers contributes to the maiden edition of the Nigerian Business Regulatory Review (NBRR)
Regulations play a critical role in sectoral growth and development. When stakeholders, including policymakers, regulators, and innovators, get regulations right, this positively impacts a country’s level of growth, development, and competitiveness. This is one of the reasons we are delighted.. Read more
Blockchain Technology
December 5, 2023
The Need for a Rights-Based Approach to Cryptocurrency Regulation in Nigeria
by Jude Ayua, Associate Download PDF version here. Introduction Cryptocurrency adoption in Nigeria by the private sector came with legal, social, and economic implications as the government attempted—sadly unsuccessfully—to regulate the industry. While the Central Bank of Nigeria (Central.. Read more
Blockchain Technology
Updates & Headlines
October 31, 2023
ACGAWARDS 2023: Infusion Lawyers awarded ‘Best Blockchain Legal Firm’
Infusion Lawyers has been awarded ‘Best Blockchain Legal Firm of the Year’ at the Africa Crypto Giant Awards (ACGAwards) 2023. The Nominees and the Winner The ‘Best Blockchain Legal Firm’ had 5 nominees, namely: A virtual celebration of excellence, ACGAwards.. Read more
Policy & Regulations
Regulatory Compliance
August 3, 2023
Understanding the Nigeria Data Protection Act 2023: Obligations of Digital Platforms and Businesses
The objective of this article is to provide a general understanding of the NDPA, highlighting its provisions from five perspectives, namely constitutional, legal & regulatory, administrative, technical/organizational, and economic perspectives. I also point out the NDPA’s relationship with previous and other similar legislation. Finally, I outline obligations digital platforms and businesses must comply with in order to safely do business in Nigeria’s growing digital economy.
Technology Law
July 22, 2023
How the Use of Emoji in Electronic Communication Can Lead to a Binding Contract
One of the trends in electronic communication in today’s world is the use of emoji. An emoji has been defined as “a digital image that is added to a message in electronic communication in order to express a particular idea or feeling.”
Industry Insight
Policy & Regulations
July 11, 2023
Bridging Gaps in eNaira Adoption in Nigeria
In this article, we consider how well the eNaira has fared, considering its adoption rate and related factors. Towards bridging the gaps we identify, we will briefly discuss four (4) major considerations that can boost eNaira adoption.
Blockchain Technology
Industry Insight
Policy & Regulations
June 30, 2023
Has the “cryptocurrency ban” in Nigeria been lifted?
Immediately after handover to President Bola Ahmed Tinubu on 29 May 2023, the news of a “cryptocurrency tax” in the country hit the public. This was not without its attendant breaking-news, eye-grabbing headlines.2 Understandably, many Nigerians appear to believe, albeit wrongly, that the Tinubu administration had introduced a “cryptocurrency tax” in Nigeria. This, as long as many saw it, signaled the acceptance of cryptocurrency by the Federal Government in Nigeria. Across the blogosphere, social media, and some traditional news channels, the news of how the Federal Government has finally lifted the “cryptocurrency ban” spread fast.3
The question is: Has the “cryptocurrency ban” in Nigeria been lifted?
Updates & Headlines
June 29, 2023
CBN fined by the Federal High Court for denying group access to information
The Central Bank of Nigeria (CBN) has been ordered by a Federal High Court sitting in Abuja FCT on Wednesday 14 June 2023 to pay Media Rights Agenda (MRA) the sum of N1 million as damages for the apex bank’s wrongful denial of access to information. Justice Donatus Uwaezuoke Okorowo of the Federal High Court delivered the judgment.