Nigeria vs Sierra Leone

Crypto regulation comparison

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Nigeria

Nigeria

Sierra Leone

Sierra Leone

Legal
No Regulation

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.

Sierra Leone has no specific cryptocurrency regulation. The central bank has not issued formal guidance on crypto.

Tax Type Capital gains
Tax Type None
Tax Rate Progressive: up to 25% (individuals) / 30% (companies)
Tax Rate N/A
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator SEC Nigeria, CBN (Central Bank of Nigeria)
Regulator Bank of Sierra Leone
Stablecoin Rules Stablecoins subject to SEC digital asset rules
Stablecoin Rules No stablecoin regulation
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
Key Points
  • No specific cryptocurrency legislation
  • Central bank has not issued formal crypto guidance
  • Limited financial infrastructure
  • Minimal crypto adoption
  • No licensing framework for crypto services
Sources
Sources