Nigeria vs San Marino
Crypto regulation comparison
Nigeria
San Marino
Legal
Legal
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.
San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.
Tax Type
Capital gains
Tax Type
Unclear
Tax Rate
Progressive: up to 25% (individuals) / 30% (companies)
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
SEC Nigeria, CBN (Central Bank of Nigeria)
Regulator
Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules
Stablecoins subject to SEC digital asset rules
Stablecoin Rules
No specific 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
- Delegated Decree on blockchain technology entities issued
- Licenses issued for blockchain-based businesses
- AIF provides regulatory oversight
- Small jurisdiction working to attract blockchain companies
- Developing comprehensive digital asset regulation