In a landmark move that redefines the regulatory landscape of Nigeria’s financial markets, President Bola Ahmed Tinubu has signed into law the Investment and Securities Act (ISA) 2025, officially recognizing cryptocurrency and other virtual assets as securities for the first time in the country’s history.
This decisive step brings long-awaited clarity to Nigeria’s digital asset ecosystem, which has remained in a regulatory limbo for over a decade. The newly enacted ISA positions Nigeria as a forward-thinking player in the global digital economy by extending the oversight of the Securities and Exchange Commission (SEC) to cover Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges.
Section C on page 188 of the clean copy of the ISA bill, as obtained by Nairametrics, explicitly categorizes virtual and digital assets as securities. It also expands the definition of a securities exchange or registered exchange to include organized facilities that provide the infrastructure for matching buyers and sellers of securities, virtual assets, commodities, and other financial instruments.
The Act outlines three key criteria for a securities exchange:
- It must bring together buyers and sellers of financial instruments including virtual assets;
- It must enable matching of bids and offers between multiple parties;
- And it must ensure that such matched transactions are recognized as binding and valid.
By integrating digital assets into its securities framework, Nigeria has taken a bold step toward fostering innovation while ensuring market integrity and investor protection. Industry stakeholders view this development as a critical milestone in Nigeria’s journey towards a more inclusive and technologically advanced financial system.