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Belgium vs Nigeria

Crypto regulation comparison

← Back to map | Belgium | Nigeria
Belgium

Belgium

Nigeria

Nigeria

Legal
Legal

Cryptocurrency is legal in Belgium and regulated under the EU's MiCA framework. Tax treatment depends on whether gains are considered normal management of private assets (tax-free), speculative (33% misc income), or professional income (progressive rates). The FSMA has banned distribution of crypto derivatives to consumers.

Nigeria has the highest crypto adoption rate in Africa and among the highest globally. After the CBN banned banks from servicing crypto exchanges in 2021 (driving activity to P2P), the ban was lifted in December 2023. The SEC Nigeria now regulates digital asset exchanges and issuances under its Accelerated Regulatory Incubation Programme (ARIP). Nigeria's progressive rates up to 25% applies to crypto disposals.

Tax Type Varies
Tax Type Capital gains
Tax Rate 0-33%
Tax Rate Progressive: up to 25% (individuals) / 30% (companies)
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator FSMA (Financial Services and Markets Authority)
Regulator SEC Nigeria, CBN (Central Bank of Nigeria)
Stablecoin Rules Regulated under EU MiCA framework
Stablecoin Rules Stablecoins subject to SEC digital asset rules
Key Points
  • Tax treatment depends on classification: normal portfolio management (0%), speculation (33%), or professional (up to 50%)
  • FSMA banned advertising of crypto derivatives and certain crypto products to consumers in 2022
  • VASPs must register with FSMA and comply with AML/KYC requirements
  • MiCA regulation fully applicable from December 2024
  • Belgium has a relatively active crypto community and blockchain ecosystem
Key Points
  • CBN lifted the 2021 banking ban on crypto in December 2023
  • SEC Nigeria oversees VASPs under the Investments and Securities Act and ARIP
  • Progressive rates up to 25% applies to profits from crypto asset disposals according to Nigeria Tax Act 2025 (eff. Jan 2026)
  • Nigeria ranks among the top 5 globally for crypto adoption (Chainalysis index)
  • P2P trading dominates the market; Binance and other platforms face regulatory scrutiny
Sources
Sources