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Nigeria’s crypto future: Striking a balance between innovation and regulation

Opinion by: Mohammed Idris, Minister of Information of Nigeria

Nigeria has emerged as one of the most active and dynamic crypto markets in recent years. From bustling tech hubs in Lagos to grassroots communities in smaller cities, young Nigerians have turned to cryptocurrencies to address fundamental economic challenges, from hedging against inflation to accessing global markets in a way traditional finance often does not allow.

As minister of information, I have seen firsthand how digital innovation has become crucial to the Nigerian story. Cryptocurrencies, blockchain technology and other digital assets are no longer on the fringes of our economy; they are fast becoming central to how our people transact, create and build.

This rise in crypto adoption has not, however, come without challenges. Questions around regulation, consumer protection, security and misuse of digital assets have fueled debates in Nigeria and globally. I write to clarify Nigeria’s position: We are committed to fostering an inclusive digital asset ecosystem that is both innovative and responsible.

Nigeria is a crypto hub

According to several international reports, Nigeria consistently ranks among the top countries in terms of crypto adoption. Our population — over 200 million strong, with a median age under 20 — is naturally inclined toward new technologies. Crypto has become more than a speculative tool; it’s a lifeline for freelancers, small businesses and families receiving remittances.

Yet despite the widespread use of cryptocurrencies, Nigeria has wrestled with how to regulate this sector effectively. Earlier approaches included restrictions on financial institutions from facilitating crypto transactions, which inadvertently pushed much of the activity underground, away from proper oversight.

Nigeria moves toward robust regulation

Under the administration of President Bola Ahmed Tinubu, Nigeria is reassessing its approach. We are moving away from blanket restrictions toward thoughtful, balanced regulation that acknowledges both the risks and the transformative potential of crypto and blockchain technologies.

Our objective is to create a regulatory framework that fosters innovation, ensures market integrity and protects Nigerian consumers. This involves active engagement with stakeholders from crypto startups and blockchain developers to international partners and regulatory bodies.

Recent: Nigeria to tax cryptocurrency transactions for revenue boost

Nigeria’s stance is simple. We support innovation that benefits our people, but we will not allow misuse that harms them.

We recognize the legitimate use cases for cryptocurrencies, including:

  • Financial inclusion for the unbanked and underbanked.

  • Cross-border payments and remittances that avoid high fees.

  • Access to global markets for Nigerian entrepreneurs and freelancers.

  • New digital economies, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), offer opportunities for wealth creation.

At the same time, we are determined to address concerns around fraud, money laundering, terrorism financing and other illicit activities. Effective regulation, rather than prohibition, is the path forward.

Nigeria and blockchain

Nigeria sees blockchain technology as more than just crypto trading. Blockchain can be a powerful governance, transparency and service delivery tool.

Already, conversations are underway on how blockchain can improve public systems, such as:

  • Land registries to reduce fraud and strengthen property rights.

  • Identity management systems to enhance financial inclusion.

  • Supply chain monitoring to improve food security and public procurement.

A collaborative approach 

Nigeria is not navigating this journey alone. As we develop new policies and frameworks, we look to global best practices and seek collaboration with international platforms and regulators.

We invite crypto companies, investors, innovators and advocates to engage with us. We aim to create a transparent and predictable environment where businesses can thrive while ensuring Nigerian citizens are protected from undue risks.

Nigeria’s approach to crypto is evolving, and with good reason. The potential for digital assets and blockchain to contribute to economic growth, job creation and financial empowerment is too significant to ignore.

To realize these benefits, we must build trust in the system through effective regulation, education and international cooperation.

To the global crypto community, I say this: Nigeria is open to innovation, but we are equally committed to ensuring that such innovation operates within a secure, transparent and inclusive framework.

We look forward to working together — for the benefit of Nigerians and the global advancement of responsible crypto adoption.

Opinion by: Mohammed Idris, Minister of Information of Nigeria.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Angela Rayner: ‘Victim of misogyny’ or ‘freeloading’ deputy prime minister?

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Angela Rayner: 'Victim of misogyny' or 'freeloading' deputy prime minister?

To her most savage critics – from Tories to the far left – she’s “Rotten Rayner”, a tax evader, freeloader and a “low life… on the make”.

To her trade union friends, she’s a victim of misogyny who right-wing politicians are attempting to hound out because she’s working class.

And after her tearful interview on Sky News, even among some of her political opponents there’s a degree of sympathy for Angela Rayner too.

Politics latest: Why the deputy PM nearly resigned

But amid the rancorous debate among MPs about whether she should stay or go, there’s one part of her defence that is attracting scepticism from friends and foes.

That’s her claim that she was initially given duff advice by a solicitor. Really? If she has evidence to substantiate that, she may be in the clear, though there’d no doubt be accusations of an establishment stitch-up.

But if not – and the city grandee who’s the PM’s ethics adviser – the Eton and Oxford-educated baronet Sir Laurie Magnus – rejects her defence, she’ll almost certainly have to go.

And with her resignation – or sacking – would almost certainly go her hopes of succeeding the increasingly unpopular Sir Keir as Labour leader, despite her popularity with the party’s activists.

When she arrived for Prime Minister’s Questions, just half an hour after her bombshell confession, the Labour high command placed a collective arm around her.

Sir Keir Starmer, who told MPs he was proud to sit alongside a deputy PM from a working-class background, put his hand on her left shoulder.

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Beth Rigby on Angela Rayner’s uncertain future

Badenoch misses an open goal…

Lucy Powell, the leader of the Commons, sitting the other side of the beleaguered Ms Rayner, did the same on her right shoulder.

Rachel Reeves, who also knows all about being beleaguered and shedding tears in public, looked across at her and smiled sympathetically.

If Labour feared a brutal PMQs onslaught from Kemi Badenoch, they needn’t have worried. “Why is she still in office?” the Tory leader began. So far, so good.

“If he had a backbone he would sack her,” she said in the second of her six questions. But that was it. “But let us get back to borrowing,” she continued.

Inexplicably, the Tory leader ploughed on with her pre-prepared questions on government borrowing. Labour MPs couldn’t believe their luck. Cue numerous jokes about missed open goals.

After another dud Kemi-Kaze performance at PMQs, some MPs were even speculating that Ms Rayner’s survival prospects – slim, at best – remain better than those of the Tory leader.

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Badenoch calls on PM to sack Rayner

…but others go in studs up

But in the cruel world of social media, Ms Rayner was not spared a vicious onslaught from critics from across the political divide. You’d better keep your phone switched off, Angi.

From the spiky shadow foreign secretary Priti Patel, Ms Rayner was “the property tax dodging, freeloading deputy prime minister” who had “finally admitted breaking the law and evading paying taxes owed”.

There was more. “She says that she’s sorry,” said punchy Priti. “But she’s only sorry that she was caught out. Rotten Rayner should go.”

Nadhim Zahawi, who was sacked as Tory chairman in 2023 after an inquiry found he failed to disclose an investigation into his tax affairs, added: “Did you think about my children Angela Rayner?

“Breaks my heart seeing anybody distressed about their children, but the hypocrisy really does hurt.”

But it wasn’t just Tories – who let’s not forget were denounced as “Scum!” by Ms Rayner back in 2021, in what she described as “street language” – who were brutal.

The acerbic George Galloway declared: “She’s a lowlife”. For good measure, he claimed she was “on the make” and on “Supermarket Sweep, piling her trolley full”.

Read more:
Rayner admits she should have paid more stamp duty
Rayner came out fighting in Sky interview
Rayner’s tax affairs statement in full

However, from the trade union movement, which campaigned hard for the DPM’s workers’ rights legislation, there was unequivocal support.

TUC general secretary Paul Nowak told Sky News: “Angela Rayner comes under sustained coverage because she’s a working-class woman in a way that frankly Nigel Farage, leading members of the shadow cabinet, never would.

“I think there’s a real heavy dose of misogyny when it comes to Angela.

“I wouldn’t want to see a hounded out of an important role by right wing politicians and the right wing media who frankly can’t handle the fact that a working class woman is our deputy prime minister.”

There was sympathy from one party leader, Sir Ed Davey of the Liberal Democrats, who said that as a parent of a disabled child “I know the thing my wife and I worry most about is our son’s care after we have gone”.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Shortly after PMQs, opening a Tory debate on, yes, property taxes, shadow chancellor Sir Mel Stride opted for ridicule and mockery. “I’m absolutely certain that the deputy prime minister had a good recess,” he began.

“We saw many photographs of her down at the seaside, just off the coast in a rubber dinghy, rather like many of the other photographs over the summer given the reckless policies this government has towards illegal migration.

“She was probably celebrating the acquisition of another property for her property empire, but perhaps also slightly tinged with that nagging doubt as to whether she had indeed paid enough stamp duty.

“Well, we’ll get to the bottom of that in due course.”

Quite so, Mel. We will.

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Angela Rayner’s tax affairs interview in full

A fight for survival

Let’s also reflect that on Monday Sir Keir Starmer proudly announced: “Phase two of my government starts today.” On Tuesday, he informed MPs, he was “speaking at length” to Ms Rayner. Must have been awkward.

And on Wednesday, the PM had to watch her tearful confession, just minutes before facing MPs in the Commons.

Not a great start to phase two, prime minister. Nor for his embattled and tearful deputy, who’s now fighting for political survival.

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Can Starmer live without Rayner?

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Can Starmer live without Rayner?

👉Listen to Politics at Sam and Anne’s on your podcast app👈

The government minister responsible for housing didn’t pay enough tax on her house.

Sam and Anne let Angela Rayner’s admission sink in on this episode – as they wonder how much government business is on hold as a result.

The independent ethics adviser Laurie Magnus’ view on how she took inaccurate legal advice could be public within days – presumably that means the cabinet reshuffle has to wait until the Deputy Prime Minister knows her fate.

Never mind what else it might mean for the early days of Keir Starmer’s “phase two”.

But, whatever the outcome, is it safer for Starmer to keep Angela Rayner in a job?

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DIY retirement savers in Australia trim crypto nest eggs by 4%

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DIY retirement savers in Australia trim crypto nest eggs by 4%

DIY retirement savers in Australia trim crypto nest eggs by 4%

Australia’s tax office reports self-managed retirement funds have 4% less crypto than last year, but one crypto executive says the number is likely “undercooked.”

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