news 
**Crypto Live News Today : Feb 19th**
February 19, 2025 – In a surprising move, Nigerian authorities have lifted their ban on cryptocurrency transactions and introduced new tax and licensing regulations to regulate the digital asset market. This sudden reversal comes after the country initially banned cryptocurrencies in 2021 due to concerns over illegal financing.
The decision to lift the ban was reportedly sparked by the growth of peer-to-peer trading, which has led to a surge in transactions within the country’s borders. In response, the government has replaced the original ban with new regulatory measures aimed at boosting revenue and mitigating risks associated with digital assets.
As part of these new regulations, the Securities and Exchange Commission (SEC) will now oversee virtual asset service providers, requiring them to obtain licenses before operating in Nigeria. Additionally, a Finance Bill 2022 has been introduced, which includes taxes on cryptocurrency transactions.
While this development may be seen as a positive step towards legitimizing the crypto market in Nigeria, many industry experts are expressing concerns over the hefty compliance costs that these new regulations may impose on businesses and entrepreneurs. This could potentially stifle innovation and hinder the growth of the digital asset space within the country.
It remains to be seen how this shift in policy will impact the broader cryptocurrency landscape, but one thing is clear: the regulatory environment for digital assets in Nigeria has undergone a significant transformation.
Source: coinpedia.org
