由教授

在过去的十年中，加密货币已从利基好奇心转变为全球金融体系的基石资产。

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.

根据剑桥数字创新中心的说法，撒哈拉以南非洲是3.5亿未账户成年人的所在地。美国的莱戈特一体化中心，撒哈拉以南非洲继续努力应对财务上的深远。

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.

同时，汇款到2023年的汇款高于540亿美元，这是许多家庭的生命线，但在传统的通讯银行模型下，汇款却负担了高费用和缓慢的定居时间负担。

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.

适当监管的数字货币可以削减汇款成本，扩大金融包容性并点燃本地金融科技生态系统。问题不是非洲是否应该与加密货币互动，而是在哪些法律框架下以及如何安全，公平地利用其变革性的潜力。

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.

本文研究了尼日利亚的《 2024年投资和证券法》（ISA 2024），作为大陆加密法规的开创性蓝图。它将打开ISA 2024如何在尼日利亚SEC的职权范围内带来加密货币和标记的证券，比较南非，肯尼亚，加纳和毛里求斯的立法方法，并量化受监管的数字资产市场经济股息在推动包容性，创新，创新和弹性方面的经济股息。最后，它将确定从AML/CFT差距到容量限制的法律和运营挑战，并提出统一的泛非战略，以确保数字货币充当整个非洲大陆可持续增长的引擎。

Nigeria’s ISA 2024—A bold legislative framework

尼日利亚的ISA 2024-大胆的立法框架

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，尼日利亚期待已久的资本营销改革随着伊莎2024的颁布生效，这是对1999年法案的全面大修。一个关键的亮点是引入加密货币和标记证券的明确规定。

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.

由于对市场滥用和消费者保护的担忧，该法案的较早迭代遇到了挫折。但是，最终法案于2024年4月由博拉·蒂努布总统（Bola Tinubu）同意，直接解决了这些问题。

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

其规定使证券交易委员会（SEC）有权注册，许可和监督从事虚拟资产活动的任何人，公司或公司。

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

这项广泛的任务涵盖了各种数字资产服务提供商，包括交流，保管人和代币发行人。

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.

它还将加密货币和令牌证券置于与债券，股票和债券相同的法律框架内，将数字资产视为资本市场不可或缺的组成部分。

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，该法案通过规定对被定罪的罪犯的罚款，可以通过规定高达十年的监禁来打击SEC的工具包（在不受监管的加密货币市场中的持续祸害）来加强SEC的工具包。

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

这些措施共同增强了尼日利亚警察滥用行为的能力，并增强了投资者的信心。

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.

为了防止系统性冲击，SEC现在可以对交流施加断路器和流动性压力测试，从而确保在极端波动的时期内有序的市场。

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.

总的来说，这些规定的目的不仅旨在掩盖不知情的零售投资者，而且还向精致的全球机构参与者发出信号，表明尼日利亚的数字资产市场符合国际最佳实践基准。

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.

在将数字资产编码为证券并为SEC配备现代执法和监督工具时，ISA 2024将尼日利亚的资本市场转变为可靠的区块链创新枢纽。

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.

这些改革为更深层次的金融科技融合，增强的投资者保护以及非洲最大经济体的可持续增长奠定了基础，为非洲大陆提供了可复制的模板。

Comparative landscape—Digital-currency legislation in Africa

比较格局 - 非洲数字货币立法

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

尽管尼日利亚已迅速采取行动将加密货币纳入其资本市场，但其他撒哈拉以南非洲国家也在该领域发展。

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《金融部门法规法》（2017年第9号）已经授予监管机构的广泛权力，以许可和监督加密资产服务提供商。

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，在主要证券立法中缺乏数字货币的明确规定（《证券服务法》（1973年第88号））构成了障碍。

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，政府间工作组关于国际商业文书（WIIC）的法律方面（WIIC）强调了一项新的证券法以简化监管景观的需求。

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.

在肯尼亚，资本市场管理局（CMA）和肯尼亚中央银行（CBK）自2015年以来一直在监督数字资产的活动，最初着重于反SCAM努力。

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

现在，VASP法案（将为虚拟资产服务提供商创建许可制度）正在通过议会进行。

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

该法案还授予了CBK和CMA中的共同监督，并规定了无执照的活动的处罚（至1000万肯尼亚KSH的监禁和罚款）（Cryptodaily，2025年）。尽管尚未颁布VASP法案，但其通过关键委员会的通过表示肯尼亚的