Nigeria has settled whether crypto is here to stay. The contest now is over who writes the next chapter. Chainalysis's 2026 index places Nigeria third overall, behind Brazil and the United States, and first in the world for both domestic peer-to-peer activity and cross-border flows.
The rules now taking shape will govern one of the most active crypto markets on earth.
The Foundations Are Already Down
Within eighteen months, Nigeria has built a regulatory base. In March 2025, the Investments and Securities Act formally recognised digital assets as securities, giving the SEC authority to license and supervise exchanges, custodians and other providers. The Nigeria Tax Act followed in January 2026, recognising digital and virtual assets as chargeable assets. In July, President Tinubu signed the Executive Order on Virtual Assets Coordination, creating a Virtual Asset Council chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the SEC as vice-chairs. The order creates no new regulator and moves no powers between agencies.
Competing Agendas At The Table
Each institution arrives with a different priority. The council also includes the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser, so illicit finance sits beside innovation. Revenue authorities want visibility: providers must file monthly returns that include customer tax and national identity numbers, and face a 30% corporate tax on profits from digital asset operations. The tax guidelines also reach peer-to-peer marketplace operators.
Industry wants clarity, and critics say it is still missing. One analysis notes that the tax law leaves much to interpretation and relies on self-reporting. Everyone wants the framework to be “better,” but they define that word differently.
What Comes Next
The next phase is already scheduled. The council was directed to produce a harmonised implementation framework within 30 days from July 12th. The CBN has launched a regulatory sandbox and the government is finalizing a Virtual Assets White Paper on long-term strategy.
It is reasonable to expect these documents to set the direction for any future legislation. Several questions remain open:
- How should Nigeria's P2P markets be supervised without pushing activity offshore?
- How should stablecoins and cross-border flows be treated?
- Where does consumer protection sit among five agencies?
- How can tax compliance work for informal, peer-driven trading?
The institutions answering these questions will need input from the people who build and use the technology.
Why Is SiBAN Positioned To Lead?
That is where the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) comes in. The executive order coordinates regulators but does not create a seat for industry. A credible, organized voice has to fill that gap.
SiBAN is built to be that voice. It can gather member feedback for the council, contribute to the white paper, help shape what a workable sandbox looks like, and prepare operators for the tax guidelines already in force. Presenting one unified industry position is far more useful to policymakers than dozens of separate ones.
Policy tends to favour those who engage early and constructively. SiBAN's mission is a secure, innovative and thriving blockchain ecosystem in Nigeria, and the next stage of regulation is where that mission will be tested.
