Bidemi Oke is the founder and CEO of Flashchange Limited, a fintech platform, with its flagship product for digital asset exchange, transforming how people trade and interact with financial tools in Africa.
With close to ten years of experience in digital finance, Bidemi has led Flashchange from idea to impact, with the Flashchange app now recognized for its fast, secure and user-friendly trading experience.
Currently launching a second product; a cross border payment platform, Bidemi is passionate about transforming Africa’s financial ecosystem.
Bidemi is an alumnus of Lagos Business school and Strathmore Business School where he has completed various executive programs. He also holds a bachelor’s degree from Obafemi Awolowo University.
In this interview with Techeconomy, he speaks on Nigeria’s crypto tax act, VASP licensing, and economic growth. Excerpt:
TE: With Nigeria processing an estimated $92.1bn in crypto transactions in a year, according to PwC, how can the industry help convert this scale of activity into measurable economic growth and national value?
Bidemi Oke: Transaction volume on its own does not create economic value, structure does. Nigeria can convert crypto activity into measurable value by formalizing the ecosystem through licensing, reporting standards and financial integration.
Once crypto flows through recognized, regulated channels, it becomes visible to policymakers, taxable where appropriate and capable of supporting employment, consumer protection and data-driven policy decisions.
The shift from informal participation to regulated participation is what turns scale into sustainable economic contribution.
TE: If crypto is fully integrated into Nigeria’s formal financial system, which sectors are likely to see the greatest economic impact?
Bidemi: If crypto is coherently integrated into Nigeria’s formal financial system, the benefit would ripple across multiple sectors. The most immediate gains would be seen in fintech, payments, SMEs and the broader digital economy. Crypto infrastructure reduces settlement friction, enables programmable finance and opens alternative funding pathways for businesses.
Capital markets would also benefit through asset tokenization and improved liquidity. Crucially, it is significant to know that secondary sectors such as cybersecurity, compliance, software engineering and digital infrastructure would expand in parallel, creating skilled employment and strengthening Nigeria’s technology backbone.
TE: How can Nigeria’s new Tax Act be applied to crypto in a way that boosts revenue without stifling innovation or driving the market underground?
Bidemi: From a market standpoint, the government’s objective should be to tax value creation, not participation. The government can balance revenue generation and innovation by taxing real value rather than every transaction. This means focusing on profits made by crypto businesses and gains realized by investors, rather than routine transfers or everyday users.
When tax rules are clear, proportional, and applied through licensed entities, compliance becomes simple and natural.
Usually, low entry barriers and predictable rates keeps innovation onshore, prevents activity from slipping back into informal channels and allows the government to grow sustainable revenue alongside a healthy, evolving market.
TE: Beyond taxation, what long-term economic benefits can crypto unlock for Nigeria?
Bidemi: Beyond revenue, crypto offers Nigeria a strategic opportunity to build human capital and exportable digital expertise. It supports high-skill job creation in blockchain engineering, cybersecurity, compliance, data analytics and financial education.
A regulated ecosystem will attract long-term foreign and diaspora investment into Nigerian platforms, helping retain local talent and reduce brain drain.
Over time, crypto would help improve efficiency in payments, trade settlement and digital commerce, thereby enhancing Nigeria’s competitiveness in the global digital economy.
TE: What concrete steps are currently being taken to license and regulate Virtual Asset Service Providers (VASPs) in Nigeria, and how critical is this to market confidence?
Bidemi: SEC has introduced structured VASP licensing frameworks, operational guidelines and sandbox initiatives covering exchanges, custodians and wallet providers. These frameworks were built to emphasize AML/KYC compliance, governance, risk management and capital adequacy.
This is a critical step because credible markets are built on trust. Licensing filters out systemic risk, establishes accountability and provides the regulatory certainty required for long-term market development.
TE: How will proper licensing help protect consumers while also attracting institutional and foreign investment into Nigeria’s crypto ecosystem?
Bidemi: Proper licensing protects consumers by enforcing minimum standards for custody, security, transparency and operational conduct, while providing clear legal recourse.
For institutional and foreign investors, licensing is a signal of regulatory seriousness and market stability. This automatically transforms Nigeria from a high-participation crypto market into an investable one, capable of supporting institutional liquidity, global partnerships and long-term infrastructure investment that benefits the entire system.
TE: What lessons can Nigeria learn from other countries that have successfully regulated crypto?
Bidemi: Jurisdictions such as the UAE, Singapore, and Switzerland demonstrate that crypto regulation works best when it is clear, adaptive and economically intentional. These countries began with foundational rules, engaged closely with industry participants and refined their frameworks as the market matured.
The core lesson from this is that regulation should evolve with innovation and not trail behind it or attempt to suppress it.
Nigeria does not need to replicate any model wholesale, instead, we need a locally grounded framework that aligns with global standards while reflecting domestic realities
