President Bola Tinubu has launched a regulatory framework establishing the Virtual Asset Regulatory Council (VARC) to oversee Nigeria's digital asset market. The aim is to bring more supervision, clarity, and investor protection to a fast-growing sector.
The Nigerian Security and Civil Defence Corps (NSCDC) arrested an alleged operator of a fraudulent crypto investment platform called Polyfarm, which police say targeted Nigerians at scale. The development highlights ongoing fraud risks in the local crypto ecosystem and signals renewed enforcement activity.
Nigeria will monitor cryptocurrency transactions under the Nigeria Tax Administration Act (NTAA) 2025, signaling tougher tax enforcement for digital assets. The announcement raises privacy and compliance concerns among users and exchanges.