Nigeria Unveils New Rules for Digital Asset Market
Nigeria’s government announced a comprehensive regulatory framework anchored by the creation of the Virtual Asset Regulatory Council (VARC), a strategic oversight body tasked with supervising virtual asset activities across the country. The new rules set out the government’s intent to formalize licensing, strengthen anti-money laundering controls, and clarify obligations for exchanges, custodians, and service providers operating in Nigeria’s expanding crypto ecosystem.
The move is intended to boost market confidence and attract compliant investment by reducing legal uncertainty that has challenged crypto businesses and consumers. Clearer supervision could accelerate institutional participation and improve consumer protections, though effective implementation and enforcement will be critical to balancing innovation with risk management. Observers say Nigeria’s approach may influence regulatory thinking across Africa as jurisdictions seek to govern digital assets without stifling growth.