- Nigeria’s crypto market surged past $59 billion in trades, reflecting over 20% growth amid rising investor confidence and new regulations.
- The 2024 Investments and Securities Act brings digital assets under SEC oversight, fostering transparency and boosting institutional interest.
- Regulatory clarity and economic shifts drive Nigeria’s expanding crypto sector, signaling broader adoption and increasing market stability.
As per Cointelegraph report on X, Nigeria’s crypto market saw incredible growth, with $59 billion worth of crypto transactions between July 2023 and June 2024. The report is from KPMG which shows the trend, indicating an increase in crypto inflows.
The year 2024 saw growth percentages over 20%, proving a revival in market momentum. Additionally, the growth comes along new regulations recognizing digital assets as securities. Increased transparency and regulatory oversight can thus drive further adoption.
Between 2021 and 2023, Nigeria’s crypto market remained stable, with annual inflows exceeding $40 billion. However, growth stagnated, showing minimal year-on-year increases. Moreover, the market maintained a steady trajectory without notable fluctuations. There was a dramatic change in 2024 when inflows surged above $50 billion.The growth percentage improved rapidly and crossed 20% for the first time in years.
New Regulations Boost Investor Confidence
Nigeria’s government has been active in crypto regulation. Recently, It was signed into law by President Bola Tinubu as the Investments and Securities Act (ISA) 2024. The Securities and Exchange Commission (SEC) now has jurisdiction over digital assets after the new law repealed the Act of 2007.
This move mandates registration with the SEC not only for Digital Asset Operations (DAOPs) but also for Virtual Asset Service Providers (VASPs) to encourage transparency, minimize fraud, and cultivate trust towards blockchain technology.
Moreover, SEC Director-General Emomotimi Agama praised the law as a transformative step. He emphasized that it would encourage more investments in digital assets. Besides, the recognition of virtual assets as securities creates a structured framework for businesses and investors. This regulatory clarity could attract institutional players and further expand Nigeria’s crypto market.
