{"id":125577,"date":"2025-03-21T20:15:57","date_gmt":"2025-03-21T20:15:57","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125577"},"modified":"2025-03-21T20:15:57","modified_gmt":"2025-03-21T20:15:57","slug":"nigeria-still-open-to-crypto-business-despite-rocky-past-report","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125577","title":{"rendered":"Nigeria still open to crypto business despite rocky past: Report"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe government of Nigeria is still open to crypto businesses operating in the country despite the ongoing lawsuit against crypto exchange Binance and the high-profile detention of Binance executive Tigran Gambaryan.<br \/>\nNigerian Information Minister Mohammed Idris told Semafor that many crypto businesses operate inside the country that are not facing litigation or criminal prosecution.<br \/>\n\u201cThis is part of the effort to strengthen our laws, not to cripple anybody. We are ensuring that no one comes and operates without regulation,\u201d Idris told the outlet.<br \/>\nNigeria filed an $81.5 billion lawsuit against Binance in February, claiming the exchange crashed Nigeria\u2019s local currency, the naira, and said that Binance owed $2 billion in back taxes as the Nigerian government continues to grapple with sensible crypto policy.<br \/>\nThe naira M2 money supply has been rapidly increasing since March 2024. Source: Trading EconomicsRelated: Nigeria\u2019s crypto future: Striking a balance between innovation and regulation<br \/>\nNigerian regulations don\u2019t give crypto investors hope<br \/>\nThe Nigerian Securities and Exchange Commission overhauled its crypto regulations in December 2024, tightening laws around crypto marketing and advertising.<br \/>\nMore specifically, the updated law requires digital asset providers operating in the country to obtain permission before third-party marketing firms can run advertisements on behalf of the firms.<br \/>\nIn February, Nigerian regulators also announced a plan to tax crypto transactions for revenue generation.<br \/>\nAccording to Chainalysis \u201c2024 Global Adoption Index\u201d report, Nigeria ranks second globally for crypto adoption, while India claimed the top spot.<br \/>\nNigeria ranks second globally for crypto adoption. Source: ChainalysisChainalysis also found that the African country received $59 billion in cryptocurrencies between July 2023 and June 2024.<br \/>\nDespite these impressive figures, taxing crypto transactions may not bring in the revenue desired by the Nigerian government.<br \/>\nNigeria leads African countries in terms of cryptocurrency value received. Source: Chainalysis Coin Bureau founder and market analyst Nic Puckrin said Nigeria has a robust over-the-counter market for retail crypto trading, which evades centralized exchanges and is difficult to track or tax.<br \/>\nPuckrin added that importers use crypto to circumvent the high volatility of the Nigerian naira and escape foreign exchange risk.<br \/>\nThe rapidly depreciating value of the fiat currency makes it unlikely that the importers will stop using crypto, and these importers will be hard-pressed to report their crypto transactions, which can be conducted peer-to-peer, to the Nigerian government.<br \/>\nMagazine: How crypto laws are changing across the world in 2025<a href=\"https:\/\/cointelegraph.com\/news\/nigeria-open-crypto-business-despite-rocky-past?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe government of Nigeria is still open to crypto businesses operating in the country despite the ongoing lawsuit against crypto exchange Binance and the high-profile detention of Binance&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125577"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125577"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125577\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125577"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}