由教授

在過去的十年中，加密貨幣已從利基好奇心轉變為全球金融體系的基石資產。

Sub-Saharan Africa is home to 350 million unbanked adults, according to the Cambridge Centre for Digital Innovation.legate integration in the US, Sub-Saharan Africa continues to grapple with profound financial exclusion.

根據劍橋數字創新中心的說法，撒哈拉以南非洲是3.5億未賬戶成年人的所在地。美國的萊戈特一體化中心，撒哈拉以南非洲繼續努力應對財務上的深遠。

At the same time, remittance inflows to the region topped US$54 billion in 2023, a lifeline for many households but one burdened by high fees and slow settlement times under traditional correspondent-bank models.

同時，匯款到2023年的匯款高於540億美元，這是許多家庭的生命線，但在傳統的通訊銀行模型下，匯款卻負擔了高費用和緩慢的定居時間負擔。

Digital currencies, properly regulated, can slash remittance costs, broaden financial inclusion, and ignite local fintech ecosystems. The question is not whether Africa should engage with crypto but how—and under what legal framework—to harness its transformative potential safely and equitably.

適當監管的數字貨幣可以削減匯款成本，擴大金融包容性並點燃本地金融科技生態系統。問題不是非洲是否應該與加密貨幣互動，而是在哪些法律框架下以及如何安全，公平地利用其變革性的潛力。

This article examines Nigeria’s Investments and Securities Act 2024 (ISA 2024) as a pioneering blueprint for continental crypto regulation. It will unpack how ISA 2024 brings cryptocurrencies and tokenized securities within the remit of the Nigerian SEC, compare legislative approaches across South Africa, Kenya, Ghana, and Mauritius, and quantify the economic dividends of regulated digital-asset markets in driving inclusion, innovation, and resilience. Finally, it will identify the legal and operational challenges—ranging from AML/CFT gaps to capacity constraints—and propose harmonized, pan-African strategies to ensure digital currencies serve as engines of sustainable growth across the continent.

本文研究了尼日利亞的《 2024年投資和證券法》（ISA 2024），作為大陸加密法規的開創性藍圖。它將打開ISA 2024如何在尼日利亞SEC的職權範圍內帶來加密貨幣和標記的證券，比較南非，肯尼亞，加納和毛里求斯的立法方法，並量化受監管的數字資產市場經濟股息在推動包容性，創新，創新和彈性方面的經濟股息。最後，它將確定從AML/CFT差距到容量限制的法律和運營挑戰，並提出統一的泛非戰略，以確保數字貨幣充當整個非洲大陸可持續增長的引擎。

Nigeria’s ISA 2024—A bold legislative framework

尼日利亞的ISA 2024-大膽的立法框架

This year, Nigeria’s long-awaited capital-markets reforms came into effect with the enactment of ISA 2024, a comprehensive overhaul of the 1999 Act. A key highlight is the introduction of express provisions for cryptocurrencies and tokenized securities.

今年，尼日利亞期待已久的資本營銷改革隨著伊莎2024的頒布生效，這是對1999年法案的全面大修。一個關鍵的亮點是引入加密貨幣和標記證券的明確規定。

Earlier iterations of the Bill encountered setbacks due to concerns over market abuse and consumer protection. However, the final Act, assented to in April 2024 by President Bola Tinubu, addresses these issues directly.

由於對市場濫用和消費者保護的擔憂，該法案的較早迭代遇到了挫折。但是，最終法案於2024年4月由博拉·蒂努布總統（Bola Tinubu）同意，直接解決了這些問題。

Its provisions empower the Securities and Exchange Commission (SEC) to register, license, and supervise any person, firm, or corporation engaged in virtual-asset activities.

其規定使證券交易委員會（SEC）有權註冊，許可和監督從事虛擬資產活動的任何人，公司或公司。

This broad mandate covers a wide range of digital-asset service providers, including exchanges, custodians, and token issuers.

這項廣泛的任務涵蓋了各種數字資產服務提供商，包括交流，保管人和代幣發行人。

It also places cryptocurrencies and tokenized securities within the same legal framework as debentures, stocks, and bonds, recognizing digital assets as integral components of the capital market.

它還將加密貨幣和令牌證券置於與債券，股票和債券相同的法律框架內，將數字資產視為資本市場不可或缺的組成部分。

Furthermore, the Act enhances the SEC’s toolkit for combating Ponzi and pyramid schemes—a persistent scourge in unregulated crypto markets—by prescribing penalties of up to ten years’ imprisonment for convicted offenders.

此外，該法案通過規定對被定罪的罪犯的罰款，可以通過規定高達十年的監禁來打擊SEC的工具包（在不受監管的加密貨幣市場中的持續禍害）來加強SEC的工具包。

These measures collectively bolster Nigeria’s capacity to police market abuses and fortify investor confidence.

這些措施共同增強了尼日利亞警察濫用行為的能力，並增強了投資者的信心。

To guard against systemic shocks, the SEC can now impose circuit breakers and liquidity-stress tests on exchanges, ensuring orderly markets during periods of extreme volatility.

為了防止系統性衝擊，SEC現在可以對交流施加斷路器和流動性壓力測試，從而確保在極端波動的時期內有序的市場。

Collectively, these provisions aim not only to shield the uninformed retail investor but also to signal to sophisticated, global institutional players that Nigeria’s digital-asset markets meet international best-practice benchmarks.

總的來說，這些規定的目的不僅旨在掩蓋不知情的零售投資者，而且還向精緻的全球機構參與者發出信號，表明尼日利亞的數字資產市場符合國際最佳實踐基準。

In codifying digital assets as securities and equipping the SEC with modern enforcement and supervisory tools, ISA 2024 transforms Nigeria’s capital markets into a credible hub for blockchain innovation.

在將數字資產編碼為證券並為SEC配備現代執法和監督工具時，ISA 2024將尼日利亞的資本市場轉變為可靠的區塊鏈創新樞紐。

These reforms lay the groundwork for deeper fintech integration, enhanced investor protections, and the sustainable growth of Africa’s largest economy—offering a replicable template for the continent.

這些改革為更深層次的金融科技融合，增強的投資者保護以及非洲最大經濟體的可持續增長奠定了基礎，為非洲大陸提供了可複制的模板。

Comparative landscape—Digital-currency legislation in Africa

比較格局 - 非洲數字貨幣立法

While Nigeria has moved swiftly to integrate crypto into its capital markets, other Sub-Saharan African nations are also advancing in this domain.

儘管尼日利亞已迅速採取行動將加密貨幣納入其資本市場，但其他撒哈拉以南非洲國家也在該領域發展。

South Africa’s Financial Sector Regulation Act (no. 9 of 2017) already grants the regulators broad powers to license and supervise crypto-asset service providers.

南非的《金融部門法規法》（2017年第9號）已經授予監管機構的廣泛權力，以許可和監督加密資產服務提供商。

However, the lack of express provisions for digital currencies in the main securities legislation—the Securities Services Act (no. 88 of 1973)—has posed an obstacle.

但是，在主要證券立法中缺乏數字貨幣的明確規定（《證券服務法》（1973年第88號））構成了障礙。

In early 2024, the Intergovernmental Working Group on the Legal Aspects of International Commercial Instruments (WIIC) highlighted the need for a new securities law to streamline the regulatory landscape.

2024年初，政府間工作組關於國際商業文書（WIIC）的法律方面（WIIC）強調了一項新的證券法以簡化監管景觀的需求。

In Kenya, the Capital Markets Authority (CMA) and Central Bank of Kenya (CBK) have jointly overseen digital-asset activities since 2015, initially focusing on anti-scam efforts.

在肯尼亞，資本市場管理局（CMA）和肯尼亞中央銀行（CBK）自2015年以來一直在監督數字資產的活動，最初著重於反SCAM努力。

Now, the VASP Bill—which will create a licensing regime for virtual-asset service providers—is progressing through parliament.

現在，VASP法案（將為虛擬資產服務提供商創建許可製度）正在通過議會進行。

The Bill also vests joint oversight in the CBK and CMA and prescribes penalties—up to five years’ imprisonment and fines of KSh 10 million—for unlicensed activity (CryptoDaily, 2025). While the VASP Bill has not yet been enacted, its passage through key committees signals Kenya’s

該法案還授予了CBK和CMA中的共同監督，並規定了無執照的活動的處罰（至1000万肯尼亞KSH的監禁和罰款）（Cryptodaily，2025年）。儘管尚未頒布VASP法案，但其通過關鍵委員會的通過表示肯尼亞的