Nigeria vs Yemen
Crypto regulation comparison
Nigeria
Yemen
Legal
Restricted
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.
Yemen has a restrictive environment for cryptocurrency due to ongoing conflict and fragmented governance. The Central Bank has warned against crypto use. International sanctions further restrict access.
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 Yemen
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 warned against cryptocurrency use
- Ongoing conflict limits regulatory development
- International sanctions restrict access to crypto platforms
- No specific cryptocurrency legislation
- Very limited crypto infrastructure