- El Salvador
- Japan
- Nigeria
- Mexico
The cryptocurrency landscape in Nigeria in 2024 is characterized by a mix of high adoption rates and evolving regulatory efforts.
- High Adoption:
- Nigeria maintains a very high rate of cryptocurrency adoption globally. This is driven by factors like:
- Use as a hedge against inflation.
- Facilitating cross-border remittances.
- Increasing use in day to day transactions.
- Nigeria maintains a very high rate of cryptocurrency adoption globally. This is driven by factors like:
- Regulatory Developments:
- The Nigerian government is actively working to establish a clear regulatory framework for cryptocurrencies.
- A significant development in 2024 is the signing of the Investments and Securities Act 2024, which brings digital assets and cryptocurrencies under the regulation of the Nigerian Securities and Exchange Commission (SEC).
- This act aims to provide regulatory clarity, protect investors, and foster innovation within the Nigerian capital market.
- There is also a move to regulate peer to peer crypto exchanges.
- Key Factors:
- The depreciation of the Nigerian Naira has significantly influenced the adoption of stablecoins.
- There is a growing concern about the rise of crypto related scams.
- The lifting of the central banks ban on banks serving crypto companies has also been a large factor in the growth of the market.
- Overall:
- Nigeria is a very important player in the African crypto market.
- The regulatory environment is becoming more defined.
