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
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Blockchain Technology
December 5, 2023
The Need for a Rights-Based Approach to Cryptocurrency Regulation in Nigeria
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?
Blockchain Technology
Regulatory Compliance
Technology Law
January 1, 2023
A Rundown of Crypto Regulations Around the World in 2022
Given the high rate of regulation in the preceding year, 2022 started on a promising note for the crypto industry, with a total market cap of $2.2 trillion on January 1. At the time of writing, global market cap is about $810 billion, representing a drop of over $1.3 trillion. This is huge. And this perhaps demonstrates why crypto regulation is vital. Consumer protection and investor safety must be safeguarded. Here’s a rundown of crypto regulations around the world in 2022.
Blockchain Technology
Technology Law
July 2, 2022
The Role of Centralized Crypto Exchanges in Sanitizing the Crypto Market: Lessons For Nigeria
According to the Chainalysis Crypto Crime Report 2022, about $8.6bn worth of cryptocurrency were laundered in 2021, which means a 30% increase from the 2020 report.
As we observed in the introductory paragraphs, KYC, AML/CFT controls are some of the effective ways centralized exchanges are combating fraud and other criminal activities like money laundering, terrorism financing, scams, ransomware, etc. To set up adequate rules and protocols, centralized exchanges often rely on the services of data analytics experts (including legal experts) to ensure that where and when necessary, there is due compliance with the law and relevant rules and regulations in operation within a given jurisdiction as well as international standards and practices.
Blockchain Technology
Startups
Technology Law
June 2, 2022
Crypto Lending: Using Cryptocurrency as Security for Fiat Loans and the Status of Cryptocurrency in Nigeria
Stephen Azubuike Introduction Beyond the mere promise to repay loans, prudent business entities and financial institutions generally rely on security in advancing loans to borrowers. The idea of security is the underlying assurance tied to something of value which flows.. Read more
Blockchain Technology
Startup Law
Tech Entrepreneurs
May 31, 2021
Blockchain & Cryptocurrency Business in Nigeria: Legal Compliance & Business Considerations
by Gabriel Eze, Associate Photo by André François McKenzie on Unsplash Legal compliance is key to building and sustaining a reputable brand Understanding the legal terrain where a business is or will be located and complying with its legal requirements.. Read more
Blockchain Technology
Industry Insight
Regulatory Compliance
Technology Law
August 6, 2020
Deal or no deal, cryptocurrency transactions remain legal in Nigeria and environs.
In the inaugural edition of Blockchain Street, we considered whether blockchain technology—a decentralized ledger technology which has been described as a ‘trustless technology’—can really solve the problem of trust in a centralized world. In the month of July, we consider the.. Read more
Blockchain Technology
Updates & Headlines
July 12, 2020
Senator Ihenyen to speak at Binance “Off the Charts” Virtual Conference, “Shaping the Future of Crypto Regulation in Africa”
Our Lead Partner, Senator Ihenyen, would be a panelist at this week’s global conference, Binance “Off the Charts” Virtual Conference, Tuesday 14 July 2020. The panel session is themed Shaping the Future of Crypto Regulation in Africa. The full list.. Read more