Nigeria's regulatory landscape for cryptocurrencies and blockchain startups is evolving, with a shift from an opposing stance to a more receptive disposition in recent years. Here are some key aspects:

- Central Bank of Nigeria Circular: In February 2021, the Central Bank of Nigeria restricted banks and other financial institutions from operating accounts for cryptocurrency service providers, citing money laundering and terrorism financing risks.

- Money Laundering (Prevention and Prohibition) Act, 2022: This Act recognized virtual asset service providers (VASPs) as part of financial institutions, enabling the Central Bank of Nigeria to revise its earlier prohibition of banking services for VASPs.

- Securities and Exchange Commission Rules: In May 2022, the Securities and Exchange Commission issued rules on the issuance, offering, and custody of digital assets and VASPs, providing a regulatory framework for their operations in Nigeria.

- Central Bank of Nigeria's Regulatory Sandbox: In 2023, the Central Bank of Nigeria launched a regulatory sandbox for blockchain and fintech innovation payment systems, providing a controlled environment for fintech startups and financial institutions to test new blockchain-based products and services.

- Securities and Exchange Commission's Regulation of Cryptocurrency Exchanges: In 2024, the Securities and Exchange Commission introduced regulations governing cryptocurrency exchanges operating in Nigeria, aiming to enhance investor protection and market integrity.

- Central Bank of Nigeria's Guidelines: In December 2023, the Central Bank of Nigeria issued guidelines on the operations of bank accounts for virtual asset service providers within the country, providing minimum standards and requirements for banking business relationships and account opening.

- Government Directive: The government has blocked online platforms of some crypto firms, alleging manipulation of exchange rates and illicit movement of funds.

Examples of regulatory compliance in Nigeria include BuyCoins and Bundle Africa, which have demonstrated a commitment to regulatory compliance by implementing robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

Navigating the regulatory landscape in Nigeria remains complex, and stakeholders must stay informed about regulatory changes and engage with regulators to mitigate risks. By addressing regulatory requirements and embracing best practices, companies can contribute to the growth and development of the blockchain and cryptocurrency ecosystem in Nigeria.