Guinea-Bissau vs Nigeria
Crypto regulation comparison
Guinea-Bissau
Nigeria
No Regulation
Legal
Guinea-Bissau has no specific cryptocurrency regulation. As a WAEMU member, it falls under BCEAO oversight.
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
None
Tax Type
Capital gains
Tax Rate
N/A
Tax Rate
Progressive: up to 25% (individuals) / 30% (companies)
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BCEAO (Central Bank of West African States)
Regulator
SEC Nigeria, CBN (Central Bank of Nigeria)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Stablecoins subject to SEC digital asset rules
Key Points
- No specific national cryptocurrency legislation
- BCEAO provides regional monetary oversight
- Part of the WAEMU monetary zone using the CFA franc
- Very limited crypto adoption
- No licensing framework for crypto businesses
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