2025年3月25日，尼日利亚朝着规范其快速增长的加密货币领域迈出了决定性的一步。

2025年3月25日，尼日利亚朝着规范其快速增长的加密货币领域迈出了决定性的一步。总统博拉·蒂努布（Bola Tinubu）签署了期待已久的投资和证券法（2025），取代了2007年过时的版本。

On March 25, 2025, President Bola Tinubu of Nigeria signed the long-awaited Investments and Securities Act (2025), replacing the 1999 version and bringing a key change: the legal recognition of digital assets as securities.

2025年3月25日，尼日利亚的总统​​博拉·蒂努布（Bola Tinubu）签署了期待已久的投资和证券法（2025年），取代了1999年的版本并带来了关键变更：对数字资产作为证券的法律认可。

The Act, which comes after years of discussion and a pressing need for a clear regulatory framework, grants the Securities and Exchange Commission (SEC) wide-ranging authority over the issuance, trading, and promotion of digital assets, essentially legalising crypto under capital market rules.

该法案经过多年的讨论以及对明确的监管框架的迫切需求，该法案授予了证券交易委员会（SEC）广泛的权力，以发行，交易和促进数字资产，在资本市场规则下基本使加密货币合法化。

The SEC can now monitor the activities of securities exchanges, conduct audits, impose penalties, suspend company operations, and even remove their executives. While the law legitimises crypto, questions remain over how its enforcement will unfold.

SEC现在可以监视证券交易所的活动，进行审计，施加罚款，暂停公司运营，甚至撤职。尽管法律使加密货币合法化，但有关其执行方式的问题仍然存在。

A framework years in the making

制作框架几年

The legal status of crypto in Nigeria has been a subject of debate for some time. In 2021, the Central Bank of Nigeria (CBN) ordered banks to close accounts of crypto startups, effectively shutting them out of the formal financial system. In response, startups began routing payments through offshore banking partners or pivoting to peer-to-peer (P2P) models for handling user funds.

一段时间以来，尼日利亚加密货币的法律地位一直是辩论的主题。 2021年，尼日利亚中央银行（CBN）命令银行关闭加密初创公司的帐户，有效地将其拒之门外。作为回应，初创企业开始通过离岸银行合作伙伴进行路由付款，或者与点对点（P2P）模型转向处理用户资金。

The SEC also began issuing circulars warning against pyramid schemes disguised as crypto investment and launched the Accelerated Regulatory Incubation Programme (ARIP) in June 2024—a regulatory sandbox for digital innovation. However, despite these efforts, no legislation was passed to provide a complete picture of crypto regulation in the country.

SEC还开始发出通函警告，以伪装为加密投资的金字塔计划，并于2024年6月启动了加速的监管孵化计划（ARIP），这是一种用于数字创新的监管沙盒。但是，尽管做出了这些努力，但没有通过立法来提供该国加密监管的完整图片。

The new Act, which is comprised of 226 pages and replaces the 1999 version of the Investments and Securities Act, introduces a definition of "digital asset" as "a digital token that represents assets such as a debt or equity claim on the issuer or a mineral right, or an interest in a pool of assets or in a venture capital or private equity fund, or an asset that is issued on a blockchain."

新法案由226页组成并取代了1999年的《投资和证券法》，将“数字资产”的定义定义为“代表发行人或矿产权利的债务或股权索赔等资产的数字令牌，或在资产资产库中或在企业资本或私人资金中的利息，或者在签发上或签发一家股票上的股票。

This definition encompasses cryptocurrencies like Bitcoin and Ether, stablecoins, security tokens, and potentially tokenised real-world assets used as investments or that hold trading value.

该定义包括比特币和以太，稳定的加密货币，安全令牌以及可能用作投资或具有交易价值的代币现实资产的潜在标记的现实资产。

The Act also grants the SEC oversight over token issuers, including meme coin creators and projects raising funds through utility or investment-based coins (initial coin offerings). Those creating and promoting tokens with trading value or intended to act as stores of value will now face tighter regulatory scrutiny.

该法案还对代币发行人进行了SEC监督，包括模因硬币创建者和项目通过公用事业或基于投资的硬币（初始硬币产品）筹集资金。那些以交易价值或打算充当价值存储的代币的人现在将面临更严格的监管审查。

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Implications for startups and foreign operators

对初创企业和外国运营商的影响

Prior to the signing of the ISA, the SEC mandated digital asset exchanges and foreign operators to establish a physical presence in Nigeria to ensure closer supervision. With full regulatory backing now in place, that requirement is likely to be enforced more firmly.

在签署ISA之前，SEC要求在尼日利亚建立实体存在，以确保更紧密的监督。随着现在的全面监管支持，这一要求可能会更牢固地执行。

This decision has raised concerns for local startups who heavily rely on infrastructure providers like Stellar, Ethereum, Solana, Polygon, and developer tools such as Alchemy or Infura.

这一决定引起了人们对当地初创企业的担忧，这些初创企业在很大程度上依赖基础设施提供商，例如Stellar，以太坊，Solana，Polygon和开发人员工具，例如Alchemy或Infura。

For instance, Web3 startups like Sytemap, a Nigerian Web3 real estate marketplace, utilize the Stellar blockchain to store property and transaction records. Others rely on foreign APIs and infrastructure to provide crypto wallets, blockchain payments, run analytics, and manage core backend services.

例如，尼日利亚Web3房地产市场Sytemap之类的Web3初创公司使用Stellar区块链来存储属性和交易记录。其他人则依靠外国API和基础设施来提供加密钱包，区块链付款，运行分析和管理核心后端服务。

Startups build their decentralised finance (DeFi) apps on low-cost blockchains like Stellar. They also integrate stablecoins like USDC and USDT by connecting to the infrastructure provided by Circle and Tether, two of the world’s largest stablecoin providers. Foreign infrastructure providers offer the building blocks that make local startups viable.

初创公司在诸如Stellar之类的低成本区块链上建立了分散的财务（DEFI）应用程序。他们还通过连接到世界上两个最大的Stablecoin提供商Circle and Tether提供的基础架构来集成像USDC和USDT这样的Stablecoin。外国基础设施提供商提供了使本地初创公司可行的基础。

But the obligation of these foreign infrastructure providers to register in order to operate locally will depend on how the SEC enforces its mandate. If the regulator imposes strict requirements on foreign players, it could trigger resistance, potentially affecting local developers who depend on their tools and networks.

但是，这些外国基础设施提供商必须注册以在当地运营的义务取决于SEC如何执行其授权。如果监管机构对外国玩家施加了严格的要求，它可能会触发抵抗力，可能会影响依赖其工具和网络的当地开发人员。

"We built our tech stack on Stellar because of the immutability advantage, plus we wanted to limit how often we move things around," said Ndifreke Ikokpu, CTO and co-founder of Sytemap, a Nigerian blockchain-based real estate marketplace. "We are compliant with local consumer and data privacy laws, but the provisions of the Act don’t quite apply to us now, unless we start trading. And that’s not something we’re thinking about."

尼日利亚区块链的房地产市场Sytemap的联合创始人Ndifreke Ikokpu说：“由于具有不变性的优势，我们在Stellar上建立了技术堆栈，而且我们希望限制我们四处移动的频率。” “我们遵守当地消费者和数据隐私法，但是该法案的规定现在不完全适用于我们，除非我们开始交易。这不是我们正在考虑的事情。”

Some of these blockchain networks, which provide funding to Nigerian Web3 builders—a crucial alternative during macroeconomic slowdowns—include Stellar through its Stellar Development Foundation scheme, Sui, Solana, and Lisk.

这些区块链网络中的一些为尼日利亚的Web3建筑商提供了资金，这是宏观经济放缓期间的至关重要的选择 - 包括其出色的开发基金会计划，SUI，SOLANA和LISK。

However, regulating foreign blockchain infrastructure players is a two-sided coin.

但是，规范外国区块链基础设施参与者是双面硬币。

The Stellar blockchain has a utility token called $XLM. If $XLM is classified as a ‘security’ in Nigeria, based on the SEC’s definition, compliance obligations would generally fall on several parties.

恒星区块链具有称为$ XLM的实用程序令牌。如果根据SEC的定义将$ XLM归类为尼日利亚的“安全性”，则合规义务通常会落在多方。

Crypto exchanges that facilitate the buying, selling, or trading of $XLM would be classified as securities exchanges and must comply with local laws. Retail investors could be paying tax on capital gains—profits made from selling assets like $XLM at a higher price than they bought it—if the tax

促进购买，出售或交易$ XLM的加密交易所将被归类为证券交易所，必须遵守当地法律。散户投资者可能会对资本收益缴税 - 如果税收税款，则以$ XLM的价格出售诸如$ XLM之类的资产制成