尼日利亚加密货币市场监管

Regulating the CryptoMarket in Nigeria Jose De Luna Martinez and Deeksha Kale SIP/2025/096 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on May 29, 2025. This paper is alsopublished separately as IMF Country Report No 25/158. 2025JUL IMF Selected Issues PaperAfrican Department Regulating the Crypto Market in NigeriaPrepared by Jose De Luna Martinez and Deeksha Kale Authorized for distribution by Axel SchimmelpfennigJuly 2025 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on May 29, 2025. This paper is also published separately as IMF Country Report No 25/158. ABSTRACT:In recent years, the trading of crypto assets has surged among individuals and businesses inNigeria. The authorities are strengthening the regulatory and supervisory framework for crypto assets toaddress potential risks including undetected capital outflows and currency speculation, money laundering,terrorism financing and consumer fraud. Moving forward, they should enforce this framework by identifyingunlicensed crypto firms and preventing them from operating in Nigeria, collecting taxes on capital gains, andpreventing crypto platforms from serving as informal channels to bypass capital flow restrictions. Authoritiesshould also continue to develop robust analytical tools for effective market surveillance, ensureAML/CFTsupervisory activity commensurate withmoney laundering and terrorism financing risks, and actively cooperateand share information with international counterparts. RECOMMENDED CITATION:De Luna Martinez, J. and D. Kale. 2025. Regulating the Cyrpto Market inNigeria. Selected Issues Paper SIP/2025/096. International Monetary Fund, Washington D.C. Regulating the CryptoMarket in Nigeria Prepared by Jose De Luna Martinez (MCM) and Deeksha Kale (SPR). NIGERIA SELECTED ISSUES Approved ByTheAfricanDepartment Prepared ByJoséDe Luna Martinez(MCM),andDeekshaKale(SPR).Chris Stumphius(AFR)provided researchassistance and Joanna Delcambre (AFR) editorial support. REGULATING THE CRYPTO MARKET IN NIGERIA_____________________________________2 A. Introduction ___________________________________________________________________________2B. Nigeria’s Regulatory Response to Crypto Assets ______________________________________4C. Conclusions __________________________________________________________________________12 FIGURES 1. Market Capitalization of Crypto Assets (2020-25) _____________________________________32. Chainalysis’ Global Crypto Adoption Index, 2024 (Top 10 countries)__________________33. Exchange Rates (Naira/US$) ___________________________________________________________64. Parallel Market Premium ______________________________________________________________6 References ______________________________________________________________________________14 REGULATING THE CRYPTO MARKET IN NIGERIA1 In recent years, the trading of crypto assets has surged among individuals and businesses in Nigeria.The authorities are strengthening the regulatory and supervisory framework for crypto assets toaddress potential risks including undetected capital outflows and currency speculation, moneylaundering, terrorism financing and consumer fraud. Moving forward, they should enforce thisframework by identifying unlicensed crypto firms and preventing them from operating in Nigeria,collecting taxes on capital gains, and preventing crypto platforms from serving as informal channels tobypass capital flow restrictions. Authorities should also continue to develop robust analytical tools foreffective market surveillance, ensureAML/CFT supervisory activity commensurate withmoneylaundering and terrorism financing risks, and actively cooperate and share information withinternational counterparts. A.Introduction 1.The market for crypto assets has grown substantially in the past few years. Accordingto Coingecko, a firm tracking crypto assets and exchanges globally, the global market capitalizationof crypto assets increased from US $211 billion in January 2020 to $3.4 trillion at the end ofDecember 2024. This surge is driven by various factors, including the potential for high returns,diversification benefits for investors, and the growing acceptance of crypto assets in mainstreamfinance. 2.Nigeria is considered one of the top three countries globally in terms of cryptoadoption.According to the Chainalysis 2023 Global Report (Chainalysis, 2023), India, Nigeria, andIndonesia ranked as the top three countries in crypto adoption. Chainalysis’ data reveals that fromJuly 2023 to June 2024, Nigeria recorded a volume of $59 billion in crypto transactions. Thesetransactions included cases where both the buyer and seller were registered in Nigeria, or whereeithe