Nigeria vs Syria
Crypto regulation comparison
Nigeria
Syria
Legal
Banned
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.
Syria has a restrictive stance on cryptocurrency compounded by international sanctions. The Central Bank has not authorized crypto activities. International sanctions make access to crypto platforms extremely difficult.
Tax Type
Capital gains
Tax Type
None
Tax Rate
Progressive: up to 25% (individuals) / 30% (companies)
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
SEC Nigeria, CBN (Central Bank of Nigeria)
Regulator
Central Bank of Syria
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
- Central Bank has not authorized cryptocurrency activities
- International sanctions severely restrict crypto access
- No specific cryptocurrency legislation
- Limited internet infrastructure hampers crypto use
- Informal crypto usage exists despite restrictions