On March 25, 2025, Nigeria took a decisive step toward regulating its fast-growing cryptocurrency sector when President Bola Tinubu signed the long-awaited Investments and Securities Act (ISA 2025), replacing the outdated 2007 version. Buried in the 226-page law is a landmark provision: digital assets are now recognised as securities. This marks the clearest regulatory framework Nigeria has ever given the sector, granting the Securities and Exchange Commission (SEC) sweeping authority over the issuance, trading, and promotion of digital assets—effectively legalising crypto under capital market rules.
The Act defines digital assets broadly, including cryptocurrencies like Bitcoin and Ether, stablecoins, security tokens, and potentially tokenised real-world assets. The SEC can now monitor exchanges, conduct audits, impose penalties, suspend operations, and remove executives. It also brings meme coin creators and ICOs under regulatory oversight. While the framework offers long-awaited clarity and legitimacy, questions remain about how enforcement will unfold in practice.
