Nigeria's Crypto Boom Reaches $92.7 Billion as Government Shifts Stance to Regulation
Nigeria's cryptocurrency market has grown to become one of the largest in Sub-Saharan Africa, with $92.7 billion in on-chain transactions over the past year.
The country's adoption of digital assets is driven by their utility rather than speculation, with users leveraging dollar-pegged stablecoins like USDT and USDC for daily transactions, savings, and peer-to-peer exchanges.
Nigeria has shifted its stance on cryptocurrencies from prohibition to regulation, with the establishment of the Virtual Asset Council (VAC) led by the Central Bank of Nigeria, Securities and Exchange Commission, and Nigeria Revenue Service.
The VAC will implement laws and procedures to regulate virtual assets, ensure compliance with anti-money laundering regulations, and tax gains made on trades and disposals of digital assets.