The central bank directed Mobile Money Fintech Limited (MMFL), operators of MTN Mobile Money (MoMo), to halt implementation of the charge pending further consultations across the financial services ecosystem.

The proposed fee would have applied to transfers from mobile money wallets to bank accounts and was expected to attract a cap of GH¢5 (about ₦525) per transaction.

In a statement issued by its Communications Department, the Bank of Ghana said the decision reflects its commitment to ensuring that any changes to charges within the digital financial services ecosystem are introduced fairly while protecting consumers and supporting their financial wellbeing.

The announcement follows widespread public backlash after MTN Ghana notified customers about the impending charge earlier this week.

Many users expressed concerns over the additional cost burden amid increasing reliance on mobile money services for daily transactions, savings, and business payments.

Industry stakeholders have described the suspension as a significant move toward consultative digital finance regulation in Africa.

The Virtual Asset Service Providers Association (VASPA) also commended the Bank of Ghana for adopting what it described as a “progressive and consultation-driven” regulatory approach.

According to reports, the central bank will continue engagements with industry players before making a final decision on the proposed fee structure.

Mobile money remains one of Ghana’s most important financial inclusion tools, serving millions of users across the country and supporting the broader digital economy agenda. Analysts believe the outcome of the consultations could shape future fintech and digital payments regulation across Africa.

The Bank of Ghana has not indicated when consultations will conclude or whether the proposed fee will eventually be revised, reduced, or completely withdrawn.

From the shadow bans in the banking sector to the skepticism of national security agencies, the wild west of crypto has often been viewed more as a threat to be contained than an opportunity to be harnessed.

That narrative shifted today.

The Virtual Asset Service Providers Association (VASPA), a Pan-African industry association, has officially unveiled Project Green-White-Green, a comprehensive whitepaper that aims to do the unthinkable: bridge the gap between the chaotic liquidity of global digital assets and the structured requirements of the Nigerian state.

This isn’t just a policy paper; it is a multi-billion dollar roadmap designed to integrate an estimated $92.1 billion in annual virtual asset volume into the formal economy.

Protecting the Naira: From Restrictions to Dynamic Alignment

Perhaps the most topical issue for Nigerians today is the volatility of the Naira. In a bold move, VASPA’s Market Integrity pillar proposes a dynamic FX alignment  standard. Instead of trying to shut down markets, an effort that often only drives them deeper underground, the framework suggests linking trading spreads to official NAFEM rates.

This coordinated superhighway aims to end the fragmented oversight that sees operators bouncing between the SEC, CBN, and CAC.

By resolving the chicken-and-egg paradox, where the CAC won’t incorporate a business without a SEC license, and the SEC won’t license without incorporation, the project clears the path for indigenous “Web3” startups to flourish legally.

A National Security Asset, Not a Threat

For the security conscious, the whitepaper flips the script on anonymity. Through mandatory integration with the National Identity Management Commission (NIMC), the framework seeks to ensure every participant is a verified, accountable citizen.

“We are no longer waiting for the future of finance to happen to Nigeria; we are architecting it,” said Franklin Peters, executive chair of VASPA and CEO/founder of Boundlesspay. “One of our country-specific, practitioner-led projects for the constructive realignment of the virtual asset sector, Project Green-White-Green is the definitive roadmap for any serious operator or investor who wants a stake in the next decade of our digital economy. While Project Green-White-Green is designed for Nigeria, similar projects will be designed for other key African markets as well. This is because the regulatory landscape is fundamentally shifting. Those who align with this framework will lead in what we consider Nigeria’s most massive growth phase.”

The $1 Trillion Ambition and the Fiscal Opportunity

As the Federal Government pursues an ambitious goal of a $1 trillion economy by 2030, the question of “where will the revenue come from?” looms large. Project Green-White-Green answers this with Pillar III: Fiscal Sovereignty.

The whitepaper reveals that between July 2024 and June 2025 alone, Nigerians conducted over $92 billion in transactions, most of which generated zero tax revenue due to a lack of infrastructure. VASPA’s solution? zero-friction automated taxation.

By proposing an API-driven interface that automates VAT and Capital Gains Tax (CGT) at the point of transaction, the project promises to turn a “grey market” into a sustainable revenue engine for the Federation.

To encourage this shift, the project advocates for a “Clean Slate” regularization, removing the fear of retroactive liability for those who operated during previous periods of regulatory ambiguity.

The Architect’s View

The development of this framework was not just an industry wish-list, but an exercise in deep technical and legal alignment.

“This whitepaper is the culmination of meticulous legal, technical, and economic engineering,” stated Favour Uche, project manager for Project Green-White-Green and Star Associate at Infusion Lawyers. “We didn’t just compile industry feedback, but articulated and aggregated them into the frameworks proposed, ensuring alignment with national interest. We are now fully prepared to take this blueprint to the highest levels of government. The groundwork is officially laid, and the execution phase begins now.”

The Safe Harbor: A Bridge to the Future

Recognizing that you cannot change an entire industry overnight, VASPA has proposed a Safe Harbor Pilot. This acts as a non-punitive protected window where operators can transition into full compliance under the watchful eye of regulators without the threat of immediate penalties.

This pilot includes a 24-Month Sovereign Integration Roadmap, specifically designed to bring global offshore exchanges into the fold as Digital Residents, eventually requiring them to localize operations, pay taxes, and partner with indigenous firms to upskill Nigerian talent.

With the successful exit from the FATF Grey List in October 2025, Nigeria has already proven its commitment to global financial standards.

Project Green-White-Green is the next logical step, a sophisticated, made-in-Nigeria response to the global crypto phenomenon.

As the document moves toward high-level engagements with the CBN, SEC, NFIU, NRS, EFCC, ONSA, the Presidency in Abuja, the message to the industry and the government is clear: The digital economy is no longer a peripheral experiment. It is a sovereign priority.

*Project Green-White-Green is the primary instrument for VASPA’s upcoming engagements with Nigeria’s top financial and security authorities. The public version is currently available here.

Techeconomy had reported that the apex bank launched a pilot supervisory programme focused on selected Virtual Asset Service Providers (VASPs).

Behind this move lies a deeper concern: safeguarding the financial system from the shadows of money laundering, terrorism financing, and proliferation threats. With the digital asset space evolving at a rapid pace, the CBN’s initiative signals a proactive effort to understand and manage the risks shaping this new financial frontier.

The initiative, anchored on existing legal frameworks including the Money Laundering (Prevention and Prohibition) Act 2022 and the Banks and Other Financial Institutions Act 2020, signals a more structured regulatory engagement with operators in the virtual asset ecosystem.

In a detailed position statement, VASPA described the initiative as a positive step toward aligning Nigeria’s digital asset market with global anti-money laundering (AML) and counter-terrorism financing (CFT) standards, particularly those set by the Financial Action Task Force.

However, the association warned that aspects of the pilot could undermine broader industry trust and participation if not addressed.

Concerns Over Handpicked Participation

At the center of VASPA’s concerns is the selection process for the pilot programme, which it described as lacking transparency.

According to the association, there was no open call or application process, with participating firms reportedly selected directly by the Central Bank of Nigeria. VASPA noted that even future cohorts appear to be closed to external expressions of interest.

The association contrasted this approach with globally recognized regulatory sandboxes such as those run by the Financial Conduct Authority and the Monetary Authority of Singapore, which rely on transparent, criteria-driven application processes.

“By handpicking participants and limiting access, there is a risk of creating an uneven playing field,” VASPA stated, adding that a more inclusive framework would improve credibility and foster wider compliance across the ecosystem.

VASPA emphasized that an open, competitive process would not only strengthen public trust but also enable regulators to engage with a broader range of business models within Nigeria’s rapidly evolving virtual asset space.

Inclusion of Payment Giants Sparks Debate

Another notable development highlighted by VASPA is the inclusion of major payment companies such as Flutterwave and Paystack in what is primarily a virtual asset service provider (VASP) pilot.

While acknowledging their prominence in Nigeria’s financial ecosystem, VASPA pointed out that both firms are Payment Service Providers (PSPs) rather than traditional VASPs.

However, the association interpreted their inclusion as a strategic move by regulators to monitor the intersection between fiat financial systems and crypto markets.

VASPA outlined several possible objectives behind this decision:

• Tracking fiat-to-crypto flows: Enhancing visibility into how funds move from bank accounts into digital asset platforms
• Assessing systemic risk: Understanding indirect exposure of traditional finance to crypto activities
• Strengthening AML controls: Testing how payment gateways integrate with blockchain systems, particularly in meeting FATF “Travel Rule” requirements

The association also noted that both companies have recently been linked to stablecoin-related initiatives, reinforcing their relevance in the evolving digital finance landscape.

Industry Milestone with Long-Term Implications

Despite its concerns, VASPA congratulated the selected participants, describing them as pioneers entering a structured supervisory environment that could shape the future of digital asset regulation in Nigeria.

The pilot is expected to focus on key compliance areas such as:

• FATF Recommendations 15 and 16
• Cross-border transaction monitoring
• Travel Rule implementation

VASPA said insights from the pilot could play a critical role in bridging the gap between innovation and financial system stability.

“These entities carry a unique responsibility to set precedents that will define the regulatory trajectory for Nigeria’s digital asset industry,” the association noted.

Message to Excluded Operators

For VASPs not included in the inaugural cohort, VASPA urged patience and continued alignment with global compliance standards.

The association encouraged operators to strengthen AML/CFT frameworks and leverage its recognition as a Self-Regulatory Organisation (SRO) by the Nigeria Financial Intelligence Unit to contribute to Nigeria’s ongoing National Risk Assessment on virtual assets.

Call for a More Inclusive Framework

Looking ahead, VASPA reaffirmed its commitment to engaging regulators and advocating for a more transparent and inclusive regulatory approach.

The association disclosed plans to formally engage the CBN on behalf of its members, pushing for an open-call system that allows qualified operators to participate in future phases of the pilot.

“A transparent and inclusive pathway will strengthen market integrity, boost confidence, and ensure that Nigeria’s digital asset ecosystem evolves in a balanced and sustainable manner,” VASPA stated.

The Virtual Asset Service Providers Association is a pan-African industry body representing virtual asset stakeholders across the continent. Registered in Nigeria, the association brings together individual, corporate, and institutional members to promote best practices, regulatory alignment, and sustainable growth within Africa’s digital asset ecosystem.

This comprehensive policy and technical roadmap is designed to anchor the virtual asset sector into the Federal Government’s ambitious $1 trillion economy target.

For years, the relationship between Nigeria’s crypto/blockchain sector and regulators has been characterized by friction and shadow bans.

Project Green-White-Green aims to reset this dynamic, proposing a framework that balances innovation with national security and fiscal responsibility.

The Fiscal Engine: A ₦500 Billion Windfall

The roadmap isn’t just about rules; it’s about revenue. VASPA projections suggest that by formalizing the sector and implementing an automated “Electronic Fiscal System,” the federal government could rake in over ₦500 billion annually.

This system would allow for real-time tax remittances from virtual asset transactions, turning a previously gray market into a primary contributor to the Federation Account.

Securing the Naira and National Interest

To win over top-tier regulators like the CBN and the SEC, the project introduces several “fail-safe” mechanisms:

The Currency Circuit Breaker: A mechanism linked to the NAFEM rate designed to prevent artificial volatility and stabilize the Naira against speculative digital asset trading.

The Observer Node: A proposal for the Nigerian Financial Intelligence Unit (NFIU) to have direct oversight, ensuring 100% traceability of transactions to keep Nigeria permanently off the FATF Grey List.

The One-Stop Shop: A single inter-agency unit to eliminate the current regulatory maze where startups often face conflicting directives from different government bodies.

No Innovator Left Behind: The Tiered Licensing Play

One of the most significant hurdles for local blockchain startups has been prohibitive capital requirements. VASPA is advocating for Tiered Licensing, ensuring that indigenous entrepreneurs can enter the market without being decapitated by steep fees.

“This is about constructive realignment,” said Buki Ogunsakin, vice chair of VASPA. “We are proposing the rebuilding of a future where digital innovation happens for Nigeria with enabling frameworks—strengthening our global competitiveness while securing Nigeria’s sovereignty.”

What the Stakeholders are Saying

The initiative is being framed as a new social contract between the government and the tech ecosystem.

“For an industry to thrive under a smooth regulatory and an economically-viable climate, a distinctively clear roadmap is needed,” noted Stephen Azubuike, vice chair for Policy & Regulations.

Favour Uche, assistant policy lead, added that the project aims to move beyond past divisions:

“It moves us beyond past divisions and ‘regulation by enforcement’ toward genuine collaboration. True progress comes from working together, not apart.”

The Roadmap Forward: The Safe Harbor Pilot

The Project Green-White-Green Whitepaper is currently undergoing an intensive review by industry operators. Once this consultative phase is complete, the final roadmap will be presented to:

• The Presidency
• The Central Bank of Nigeria (CBN)
• The Nigeria Revenue Service (NRS)
• The Securities and Exchange Commission (SEC)

The goal is to activate a Safe Harbor, a protected regulatory environment where compliant innovators can operate without fear of sudden crackdowns while the final legal frameworks are solidified.

If Project Green-White-Green succeeds, Nigeria could pivot from being a global leader in underground crypto adoption to a regulated global titan in digital asset governance.

Under his leadership, the firm has become a trusted legal partner for a wide spectrum of clients and was recognized with the Best Blockchain Legal Firm of the Year award at the Africa Crypto Giant Awards (ACGAwards) in 2023, a testament to its influence in Africa’s blockchain and crypto ecosystem.

Senator’s influence extends beyond legal practice into policy advocacy and industry development.

He is the executive chair of the Virtual Asset Service Providers Association (VASPA), an Africa‑focused advocacy organization dedicated to fostering trust, regulatory clarity, and sustainable growth in the continent’s virtual asset sector. Through VASPA, he helps mobilize stakeholders, including innovators, investors, and regulators, to build a trusted, transparent, and inclusive digital asset ecosystem.

A respected voice in technology law and digital finance, Senator is a frequent speaker, author, and contributor to global legal and policy guides (See more here).

In this interview, he looks at Nigeria’s $92.1 billion crypto volume (based on PwC report), especially how the country can turn the high activity into national prosperity

TE: PwC estimates that Nigeria processed $92.1 billion in crypto transactions within a year, positioning the country as Africa’s largest crypto market. What policy, regulatory, and industry steps are needed to convert this scale of activity into measurable economic benefits for Nigerians and the government?

​Senator Ihenyen: To turn $92.1 billion in volume into prosperity, I think that there needs to be a paradigm shift. By this, I mean a shift from the government largely approaching crypto from the limiting point of view of national security risk and quick revenue generation to seeing crypto as a nascent sector that offers a great potential for economic growth if the enabling environment is there.

This way, rather than requiring huge minimum capital requirements from VASPs or immediately introducing crypto taxes after years of banning and restricting it for instance, we will be having conversations about incentives and infrastructures towards developing our local market for global competitiveness. This is how nations invest big in the future, and get their big rewards tomorrow.

If we treat Virtual Asset Service Providers (VASPs) like the pioneers in an emerging financial technology sector with potential economic opportunities, they will become like the traditional fintechs, they hire locally, rent offices locally, pay local vendors, and pay taxes.

But if we largely treat them with suspicion, like a stranger with a bag of national security risks you would rather not bring into your home, we will only end up effectively risking the criminalization and discrimination of innovators who are the new drivers of the future of finance.

We need to on-ramp local innovation. Especially considering Nigeria’s big size in this market, we shouldn’t just be consumers of global protocols. For instance, by providing a clear legal pathway for local startups to build Naira-stablecoins or Tokenized Real World Assets (RWAs), we not only keep the value within our borders, but become globally competitive, attracting more investments.

TE: From an industry and policy standpoint, which sectors of Nigeria’s economy would see the greatest impact if crypto were fully integrated into the formal financial system, especially regarding revenue mobilisation, taxation, and public interest outcomes?

Senator Ihenyen: If by fully integrating crypto into the formal financial system, we mean enacting crypto tax laws and mandating high-capital VASPs licenses, Nigeria does not stand to benefit much. Why? Because the two-pronged formalization steps above do not necessarily develop or safeguard the nascent market, but actually stifle it, so much that it consequently gives back what you put in. No revenue or tax purse is about to blow up.

Market development is key, and should be prioritized, and not just for Nigeria’s maximum benefits, but also the Nigerian people, especially our teeming youth in the country and in the diaspora.

And if I were to identify the three sectors I see as the “low-hanging fruit” for Nigeria, they are payments & remittances, cross-border trade and commerce, and wealth creation. Regarding payments and remittances, we are already seeing costs drop, relative to traditional financial rails. Crypto has become a serious medium of exchange. And this will get increasingly bigger, and it does not have to be legal tender to grow.

Integrating crypto into the formal banking rails can reduce remittance fees from 8–10% to under 1%, putting more money directly into the pockets of Nigerian families. In the area of cross-border trade and commerce, crypto, by virtue of how it works, can bridge the current gap in that space.

Reports already show that Africans are not transacting with Africans enough; and for Nigerians with other Africans, it is even worse. This is because as already fragmented as the continent is, with 54 countries largely running on different currency rails, the fragmentation gets even worse. And here is where crypto as well as crypto-enabled, not necessarily cryptocurrency only but also blockchain-powered, settlements come in.

To enhance and deepen its cross-border infrastructure, the Pan-African Payment and Settlement System (PAPSS) could enable this integration.

Crypto can enable wealth creation for millions of Nigerians leveraging opportunities in the emerging Web3 industry, from community management to content writing; from compliance roles to marketing roles; from blockchain development to blockchain and crypto education; and of course, crypto trading.

All that Nigeria needs is all-round, open, and genuine engagement with the nascent crypto sector.

TE: With the new Nigeria Tax Act coming into effect, how can government balance revenue generation from crypto without discouraging innovation or pushing activity back into informal channels?

Senator Ihenyen: The Nigeria Tax Act 2025 was a milestone, but implementation is where it gets tricky. Perhaps, first and foremost, the Nigeria government should not see crypto as a cashcow, as it appears to now do.

The stark reality is that current market and business data in the country tells a story of an industry that is struggling to breathe, especially locally, no thanks to years-long misunderstandings, misconceptions, and misgivings.

Also, Nigeria should be mindful of the applicable tax rates. For instance, if we set personal income tax on crypto gains too high (some suggest up to 25%), we will see a “brain drain” and a “capital flight”, possibly back to P2P shadow markets.

I think a capped Capital Gains Tax (CGT) of 10% is the sweet spot. The government should work with licensed exchanges to automate tax reporting. If a user has to fill out 20 forms to pay tax on a $50 profit, they simply won’t do it.

Also, I think innovators can benefit from special tax incentives at this early stage, especially considering that the Nigeria crypto industry has not only had a chequered and hostile history with the government, regulators, and law enforcement agencies but also because it is still a nascent industry. Nigeria could also offer tax rebates to VASPs that invest in blockchain literacy programs or “sandbox” innovations that solve local problems.

Today, Nigeria does not have enough big local players yet, if any. Where well applied, tax can be a creative tool of sowing seeds for the future trees that will sustainably bear the fruits of revenue. If otherwise, taxes can kill growth.

TE: Beyond taxation, what long-term economic benefits, such as jobs, skills, or investment, can crypto unlock for Nigeria: Regulation, Licensing & Market Structure?

Senator Ihenyen: While I understand that taxes on capital gains provide immediate revenue, there are long-term, ‘hidden’ benefits that are far more transformative for Nigeria’s macro-economy, such as job creation and skills acquisition. Beyond trading, a regulated ecosystem fosters a demand for blockchain developers, smart contract auditors, business development managers, senior marketers, compliance officers, legal experts, and more. This shifts Nigeria from being a consumer of technology to a hub for Web3 talent in Africa.

Also, crypto-related ​Foreign Direct Investment (FDI) is a long-term benefit Nigeria should be positioning for. When rules are clear and certain for operators, they become green light for global venture capital. When Nigeria provides a predictable business and legal climate, it attracts foreign fintechs to set up local operations, bringing in capital and technical transfer. For the country to achieve this, it needs to invest in building trust more with the crypto industry, not merely policing it.

Essentially, my point is that the shift toward a regulated crypto climate in Nigeria can no longer be just about preventing illicit activity or enforcing taxes; it should, at this stage, be about building a sustainable digital economy. In 2026, the focus has to move toward creating what I call a virtuous cycle of innovation, trust, and growth.

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?

Senator Ihenyen: ​From lack of legal recognition of crypto a few years ago, Nigeria has gradually transited to a legal formalization of registration and licensing processes. This has, at least comparatively, improved the level of market confidence, and only to some extent. The difficult journey started in 2022 with the recognition of VASPs as financial institutions for compliance purposes under the Money Laundering Act 2022.

A year later, the National Blockchain Policy, which was officially adopted by the Federal Government, was also a key milestone, providing a policy direction to the country.

Significantly, when by January 2024 the CBN rightly lifted what I still believe is a misguided crypto ban, some respite came to the industry. But the level of market confidence hardly changed, especially following the very unfortunate Binance episode in the country since 2024. This remains a matter I strongly believe Nigeria could resolve differently, by the way.

Commendably, the SEC introduced its Accelerated Regulatory Incubation Program (ARIP) in June 2024, following its VASPs framework for the capital market. Essentially, the ARIP has been a gateway for VASPs to operate under provisional licenses while the SEC monitors their compliance, ensuring innovation isn’t stifled by rigid, day-one requirements.

In 2025, the ​Investments and Securities Act (ISA) 2025 became the landmark legislation that provides the statutory backbone officially recognizing virtual assets as securities.

Though I think this blanket classification by our lawmakers overlooks key statutory nuances, potentially stifling the growth of crypto innovations that should really have no business with our security and investment laws.

Recently, the SEC further increased capital thresholds for VASPs, particularly Digital Asset Exchanges (DAXs) and Custodians. While the apparent reason is to ensure only financially resilient players enter the market and Nigeria gets to reduce the risk of fly-by-night operators, it’s also worth considering if there are no other prudential ways of ensuring market confidence that can help to reasonably minimize capital burdens in a nascent sector.

But Nigeria seriously needs to consider unblocking the crypto websites Nigeria authorities blocked in the country’s cyberspace since 2024. I believe this will demonstrate the country’s genuine readiness for business, especially with foreign direct investors in the sector.

All in all, I believe Nigeria can generally do better with improving market confidence.

The most common way is to premise market confidence on capital resilience and enforce compliance with sanctions. But taking the common route isn’t always the most effective one. For me, building market confidence, sustainably, requires a tougher but smarter approach: fostering genuine collaboration among industry players and engaging multiple stakeholders through mutual trust and respect. This drives Nigeria’s market development and global competitiveness.

TE: How will proper licensing help protect consumers while also attracting institutional and foreign investment into Nigeria’s crypto ecosystem?

Senator Ihenyen: Proper licensing acts as both a shield and a magnet. When licensing mandates segregation of assets (keeping customer funds separate from company funds) and regular independent audits, it is all about consumer protection and investor safety. When the rules requires a “No Objection” clearance from SEC for tokens listed on an exchange, it is primarily targeted at protecting retail investors from “rug pulls” and fraudulent schemes.

With a regulated crypto market, large-scale investors (banks, pension funds, and insurance companies) will not be necessarily legally barred from the market. A license provides the compliance stamp these potential investors need. It transforms crypto from a speculative retail hobby into a legitimate institutional asset class, potentially deepening the liquidity of the Nigerian market.

TE: What lessons can Nigeria learn from other jurisdictions that have successfully operationalised crypto through clear licensing frameworks?

Senator Ihenyen: Nigeria isn’t innovating in a vacuum. There are some key lessons the country can draw from other jurisdictions.

First, the European Union’s (EU) Markets in CryptoAssets (MiCA) demonstrates the importance of a unified “passporting” system where a license in one region is recognized across others. I see a similar model across Africa being vital for African Continental Free Trade Area (AfCFTA) alignment.

Second, in the United Kingdom, the effectiveness of a “Test-and-Learn” approach by way of sandboxes is worth our attention. While Nigeria’s Regulatory Incubation and ARIP are similar applications,

Third, one of the lessons we can take from the United States is the need for clear definitions, Security vs. Commodity, for instance, to avoid what is called regulation by enforcement, a plague that stifles innovation or drives it underground. Nigeria must avoid one-size-fits-all, blanket approaches. These only end up dwarfing ambitions or sending innovators on exile, and consequently producing stunted markets.

Lastly, particularly in a nascent sector powered by new and emerging technologies, Nigeria should formally leverage self-regulatory organizations (SROs) or industry associations and bodies more.

In jurisdictions like Singapore and Hong Kong for example, SROs operated by industry players themselves have become partners-in-progress to regulators, law enforcements, and governments.

Back in Nigeria for instance, the Virtual Asset Service Association (VASPA) with the Blockchain Industry Coordinating Committee of Nigeria (BiCCoN) collaborated with the EFCC on fighting crypto-related financial crimes in the country. Similarly, VASPA was one of the bodies invited by the Nigeria Financial Intelligence Unit (NFIU) as an SRO towards helping to safeguard the virtual asset industry and keeping Nigeria out of the FATF “grey list”.

Similarly, regulators like CBN and SEC, alongside crypto industry bodies, should collaborate more to balance innovation with regulation in the country. No man is an island, especially in a community-driven economy like crypto.