The Nigerian Investment and Securities Act 2025 (ISA), recently signed into law by President Bola Ahmed Tinubu, effectively ends the uncertainty surrounding the status of cryptocurrencies by effectively repealing the Investment and Securities Act, No. 29 of 2007. The revised securities law "officially" recognizes cryptocurrencies as an asset class. This designation not only removes the uncertainty surrounding cryptocurrencies, but also means that they are no longer prohibited assets. Furthermore, law enforcement agencies that have "harassed" people involved in these assets will have to stop such practices.
The Director General of the Nigerian Securities and Exchange Commission (SEC), Emomotimi Agama, said the new law empowers the Nigerian Securities and Exchange Commission to more effectively promote innovation and protect investors, which has repositioned Nigeria as a competitive destination for attracting domestic and foreign investment. Apart from recognizing digital assets and investment contracts as securities, the Investment and Securities Act 2025 also explicitly places virtual asset service providers (VASPs) under the purview of the Nigerian Securities and Exchange Commission. The law also prohibits Ponzi schemes and imposes severe penalties, including imprisonment, on the masterminds of the scheme.
The President of Nigeria has signed a new bill recognizing cryptocurrencies as an asset class
2025-04-01 00:17:35
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