Breaking NEWS: SEC, Bitcoin now legal (a security) in Nigeria.

[Shasha80]

By legalizing and regulating Bitcoin in Nigeria this is good news, hopefully it can be followed by other African countries.
With these developments, Nigeria's economy should be a little better off. Especially based on articles I read on the internet,
Nigeria is one of the most populous countries interested in cryptocurrency. And this good news should be able to increase
Bitcoin adoption in Nigeria, Also reducing the number of scams in Nigeria related to cryptocurrency due to government regulations.

[1714173180]

1714173180

[1714173180]

1714173180

[1714173180]

1714173180

[1714173180]

1714173180

[todiefor17]

Applying the law will protect the majority of crypto users but at the same time may also incur some new taxes in this country related to crypto.
Nigeria is an active country in using Crypto despite previous government bans. This country's signal can help them develop cryptocurrency into the national currency in the future.

[int03h]

The strength of the community was so terrible, late last year, despite the government ban, Nigerians continued to use bitcoin. Bitcoin topped Google's search page in this country, it seems the government has been subdued by the will of the people. In the future, there may be many countries like Nigeria whose governments have to accept cryptocurrencies because the demand of the people is so high.

Bitcoin search rates in countries on google countries
https://twitter.com/BinanceResearch/status/1177123438277754881

[Becky666]

What's your take on this new development in my country?

I could see a pressure on the part of the government which i think shouldn't be in this regard. Having a failed state/economy called for urgent steps to revitalize the country economy but this is not a way out. They (the government) want to ensure the naira measures up among other currencies, could this be a way out?. They told us not to associate and then want to take full control: they're planing something big for the commoners. The word 'traders' include me and you even OP himself, the government have now succeeded the continuity exploitation of her citizens. Our freedom is astake!.

Edit:
Kindly read this tweet: barely few days of acceptance.

https://twitter.com/connectwithtola/status/1306302283970473986?s=19

The regulation also extends to individual traders who are involved in blockchain related and digital assets services. Moving on traders are expected to be registered with the SEC and face regulation on their transactions like other securities (stocks and bonds)

Get ready because many cryptocurrency platforms without much financial energy will fold up, the executives orders will start flowing from oga at de top to small small platforms.

Also note: fraudulent activities in the government will take an increase; there's no much hope as I presume.

With this ruling, all crypto platforms would be required by law to register with the SEC for regulation and it is expected that they would be taxed accordingly.

Get ready for double taxation!.

[DarkDays]

Glad to see that Bitcoin is finally being recognized as something other than a "speculative instrument."

What we really need, however, is to see Bitcoin recognized as currency. I think this will likely happen first in a country with a failing national currency, like Venezuela or Cuba, but it wouldn't surprise me if a more economically developed country like Switzerland or Sweden comes out and says it first.

Once we can start paying taxes in BTC, that's when you know we've made it.

[nelson4lov]

I can't say I'm surprised that SEC finally gives Bitcoin the nod. Over the last couple of years, Bitcoin has been one of the hottest topics discussed both on and off social media in Nigeria. While I'm glad that I can now trash the plan about keeping my crypto activities (transactions, commitment), I'm a bit concerned about how this could impact usage of cryptocurrencies in the country.

Some advantages :
- Now companies, firms, and stores can integrate cryptocurrencies as payment methods.
- We can now make transactions without looking over our shoulders like having our accounts flagged for illegal transactions / transfers which is a win for the Nigerian crypto community (traders, investors, businesses utilizing crypto)
- More indigenous crypto startups (further job creation).

However, I have some concerns: Stamp duties, taxes and other bank charges next?

With this ruling, all crypto platforms would be required by law to register with the SEC for regulation and it is expected that they would be taxed accordingly.

Now that government has ruled crypto as legal, that means we can freely use our accounts to make crypto transactions without restrictions, issues or getting flagged. This means the Nigerian crypto community will be heavily regulated and monitored (our bank accounts too) and this goes against what Bitcoin was originally created for. In addition to stamp duties and other unreasonable bank charges, we would start getting  taxed on every crypto transaction. With the rate of unemployment in the country, a lot of people turned to crypto gto find means of survival so this could be the government trying to milk people of their earnings  while acting as though they're the good guys.

If there's one thing I've learnt is never to trust the government. This might seem like a bitter-sweet experience moving forward but let's see.

[CryptopreneurBrainboss]

The strength of the community was so terrible, late last year, despite the government ban, Nigerians continued to use bitcoin. Bitcoin topped Google's search page in this country, it seems the government has been subdued by the will of the people.

Having to experience this personally I can tell you we the citizen have lost the trust we had in the government system. Our desires to search for other means of surviving lead us to the industry and there's nothing the government can do about it to discourage us from engaging in the industry. If they were to ban cryptocurrencies, I'm very positive majority would had found a way to still keep their investment portfolio going either by using VPN to access the exchange or try some other means.

The government before now tried putting fear into her citizens by threatening to punish any offender found patronizing the industry but that didn't stop the enthusiast like myself and others from actively participating in the industry. First they used the banks but later withdraw since there was no way they could differential crypto related transacion from non crypto related ones as the citizen turned to patronized peer2peer exchanging to stay under the radar instead of using centralized exchanges that can leak our information to the authority.

On a general scales, the government has no other option but to adhere to the demand of the people. We have been fighting for the industry to be recognized and register so scamming activity could be reduced as that's one of the disadvantage that's chasing away noobs (average Nigerians) from joining the industry in their numbers currently.

[orengitu]

The truth is that fighting against cryptocurrencies or blockchain generally in Nigeria can't help the economy, as we have known them to have the highest economy in Africa. I was so happy when I read the online, this is a good news ever. This decision will have a good impact on the economy and as well protect crypto users, Users will be free to do any transactions.

However, my major fear for Nigerian is that they won't misused this opportunity, and their government won't be selfish about this new technology.

[Baofeng]

I think this is a welcome development in Nigeria and I would say that African nations should follow that Nigeria has set up here. Specially the field of scams, Africa has been targeted by these criminal group so people should be aware of what crypto and what it can bring to them.

There is a report by Chainalysis: https://go.chainalysis.com/rs/503-FAP-074/images/2020-Geography-of-Crypto.pdf. And it's interesting that it has grown tremendously in the last 3 years and billions of dollars are now being transmitted, moved across that continent and somewhat a crypto regulation should be in place.

[Charles-Tim]

What's your take on this new development in my country?

First of all, about the issue of scam, regulation of cryptocurrencies  in Nigeria can help to certain extent but people will still be scammed. People are gotten scammed because of greediness and mostly because they have no knowledge about what scam is all about. Regulation of cryptocurrencies  in Nigeria does not mean some people will not still visit scam sites and pay bitcoin into scammers bitcoin account, it does not mean someone will not use his or her crypto wallet device to browse online the way he likes and be infected with malware that can totally compromise the wallet. About scam, we need to fully have real understanding about scam in order to avoid it. That is why being in a forum like bitcointalk will really be helpful. Scammers are beyond government regulations, but like the OP implied,  scam activities will certainly still reduce.

I'm also having a mixed feeling about this getting abused (manipulated) to their (the government) selfish interested in the sense that they mandate any company wanting to operate in Nigeria to cooperate with them in leaking users sensitive information

We should expect that. Especially, if someone is suspected to have a criminal activities, such information can really help them. But, normally, this does not really apply to people that are professional and know a lot about cryptocurrencies. Like me, I hate kyc or any other verification, and I can not do it. Someone can easily trade on many exchanges without any kyc and also operate his wallet without any kyc. But, most people will not know all these but only even thinking kyc is good.

Although, Imo, this is a good move by the Nigeria SEC, even this can lead to increase in the rate of crypto adoption in Nigeria. But that does not  still affect or compromise the privacy of crypto experts in the country.

[Gozie51]

We should expect that. Especially, if someone is suspected to have a criminal activities, such information can really help them. But, normally, this does not really apply to people that are professional and know a lot about cryptocurrencies. Like me, I hate kyc or any other verification, and I can not do it. Someone can easily trade on many exchanges without any kyc and also operate his wallet without any kyc. But, most people will not know all these but only even thinking kyc is good.

Yes we need to be careful about our cryptocurrency activities because once scammed, you might not get help. Therefore, being vigilant is important. Some KYC required are not really genuine, some are to use the information provided for improper activities. I usually try to investigate KYC requirement because I'm not comfortable with such too.

[maxreish]

Now, SEC made a good decision in regulating ICOs and other crypto related projects. It's a great job that Nigeria  made a good step in making sure that scammers will not find a way to trick people.

Last April, they made a warning about bitcoin fraudsters. They realized that they have to make a step to fight btc fraudsters. In line with this, instead of prohiting any investors to make a good project, submitting it to SEC and thorough examining it will help them determine whether it is a good and legit one.

[leoagro]

Every year, the number of countries that accept bitcoin will increase. This is unavoidable.

[Jstandhope]

Thank God consideration is given to Bitcoin at least to be regulated rather than placing a ban on it and making it illegal. Imagine how many bank accounts that will be frozen if it's termed illegal and how people will be victims of circumstances. Especially those who don't know anything about Bitcoin rather their Bank accounts were used to either purchase Bitcoin or used as and exchange medium to fund Bitcoin wallets or other crypto currency wallets.

[Jstandhope]

Thank God consideration is given to Bitcoin at least to be regulated rather than placing a ban on it and making it illegal. Imagine how many bank accounts that will be frozen if it's termed illegal and how people will be victims of circumstances. Especially those who don't know anything about Bitcoin rather their Bank accounts were used to either purchase Bitcoin or used as and exchange medium to fund Bitcoin wallets or other crypto currency wallets.

Come to think about the bank accounts of those big business men who buy and pay with crypto currency and also sell and receive money in form of crypto currency. What will happen to them if accounts are to be freezed because Bitcoin and other crypto currency are made illegal by Nigerian Government. Abeg let them leave crypto currency alone ooo this thing is helping our life.

[Emitdama]

From what I have known, Bitcoin wasn’t illegal in Nigeria at the first place. I can remember a few years back someone posted a news about some cryptocurrency exchanges that launched their services in Nigeria. I remember for sure that Luno exchange has been fully functioning in Nigeria for years now, so how does that make Bitcoin illegal?

Maybe there was no rules set in place as of then, maybe it was just among those countries that had no rules , where it was neither regarded as legal or illegal and corrupt law enforcement will extort you wrongly. By the way, before this your news there was also a news of a Bitcoin ATM that launched in Nigeria; a BTC ATM won’t be launched in a place where it’s illegal.

[rodskee]

First Congratulations to Nigerian People specially those Bitcoin and Crypto Enthusiast and of course investors.
because they are the one who will benefit more from this.

From what I have known, Bitcoin wasn’t illegal in Nigeria at the first place. I can remember a few years back someone posted a news about some cryptocurrency exchanges that launched their services in Nigeria. I remember for sure that Luno exchange has been fully functioning in Nigeria for years now, so how does that make Bitcoin illegal?

What you are pointing is from years back so this maybe a different thing,because the news comes just recently and not from years later.

Maybe there was no rules set in place as of then, maybe it was just among those countries that had no rules , where it was neither regarded as legal or illegal and corrupt law enforcement will extort you wrongly. By the way, before this your news there was also a news of a Bitcoin ATM that launched in Nigeria; a BTC ATM won’t be launched in a place where it’s illegal.

You are thinking a Lots of Maybe meaning you don't even sure on what you are telling here.

[Becky666]

From what I have known, Bitcoin wasn’t illegal in Nigeria at the first place. I can remember a few years back someone posted a news about some cryptocurrency exchanges that launched their services in Nigeria. I remember for sure that Luno exchange has been fully functioning in Nigeria for years now, so how does that make Bitcoin illegal?

You have forgotten that most of these cryptocurrency services where not  home service and most of them where be used by the government for money laundry. Bitcoin not be made illegal or legal in Nigeria in the past was as a result of the advantage the executives arms of government enjoyed(past and present). If Luno, Binance among other cryptocurrency start-up businesses be granted forensic audit you will be surprise what your government has done with them in terms of money laundry: 'so, how can a corrupt government make Bitcoin illegal, when using the same route for money laundry?. And when they discovered citizens had moved into Cryptocurrency, they were left with nothing to hide than make it legal to be regulated.

Maybe there was no rules set in place as of then, maybe it was just among those countries that had no rules , where it was neither regarded as legal or illegal and corrupt law enforcement will extort you wrongly. By the way, before this your news there was also a news of a Bitcoin ATM that launched in Nigeria; a BTC ATM won’t be launched in a place where it’s illegal.

Some groups took advantage of this to robbed citizens off their sincere money earned from the internet. Between the years it wasn't illegal or legal, Bank accounts closure or tags was on a rise, and enforcement agency made their cut from legitimate owners of internet wealth and tagged them 'Yahoo Boys'. Bitcoin ATM machine be launched should explaine better than me. The same ring of money launders did that, and when they discovered me and you are into it too; it was time to regulate it hence be made legal to make it not business as usual.

[Lorence.xD]

Good news but from what I can see, institutions need to comply with the customer data sharing with the government. It is a conundrum for the people as the government needs to impose unfavorable condition. I hope that there will be a further development regarding this topic because in my country, the financial institutions and the government does not prioritize it.

[thesmallgod]

According to history, Nigeria government are always at lost when getting into regulating anything. Most time they waste unnecessary time and resources fighting things that are not required. Advent of bitcoin has keep the youth busy and open more opportunity more than what Nigerian government has even created for the past 5 years. A lot of unemployed youths are becoming self employed by trading and exchanging coin locally. Most time, when the government talks about regulating any part of economy, it is most likely they see it rivalry and envious of how people are living independently. Nigerian government is a confused embodiment. Addressing the issue of scam, I am sure you know this is a global thing. No matter how sustainable things are, some element will always use that as a means of scamming people. In Nigeria today, a lot of people are receiving message and calls for scammers telling them that their bank account is having issue thereby requesting for account details in order to steal their funds.