Maldives vs Nigeria
Crypto regulation comparison
Maldives
Nigeria
Restricted
Legal
The Maldives Monetary Authority has warned against cryptocurrency and does not recognize it as legal tender. No specific legislation exists but the MMA discourages crypto activities.
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
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
Maldives Monetary Authority (MMA)
Regulator
SEC Nigeria, CBN (Central Bank of Nigeria)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Stablecoins subject to SEC digital asset rules
Key Points
- MMA has warned against cryptocurrency use
- Crypto not recognized as legal tender
- No specific cryptocurrency legislation
- Financial institutions discouraged from dealing in crypto
- Limited crypto adoption
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