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Canada vs Nigeria

Crypto regulation comparison

← Back to map | Canada | Nigeria
Canada

Canada

Nigeria

Nigeria

Legal
Legal

Canada has a well-developed regulatory framework for cryptocurrency. Crypto trading platforms must register with provincial securities regulators through the CSA, and all crypto businesses must register as money services businesses (MSBs) with FINTRAC. Canada approved spot Bitcoin ETFs in 2021, ahead of most other countries.

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 Capital gains
Tax Type Capital gains
Tax Rate 0-26.76%
Tax Rate Progressive: up to 25% (individuals) / 30% (companies)
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CSA, FINTRAC, OSC, AMF
Regulator SEC Nigeria, CBN (Central Bank of Nigeria)
Stablecoin Rules CSA guidance requires stablecoins to maintain adequate reserves; value-referenced crypto assets regulated
Stablecoin Rules Stablecoins subject to SEC digital asset rules
Key Points
  • Crypto trading platforms must register with CSA provincial regulators
  • All crypto dealers must register as MSBs with FINTRAC for AML/KYC compliance
  • 50% of capital gains are taxable; business income from crypto is fully taxable
  • Canada approved spot Bitcoin and Ether ETFs in 2021, the first major country to do so
  • CSA issued Staff Notice 21-327 on obligations for crypto trading platforms
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