Nigeria vs Zambia
Crypto regulation comparison
Nigeria
Zambia
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.
Zambia has no comprehensive cryptocurrency legislation. The SEC warns the public about unregulated crypto schemes and evaluates whether specific products qualify as securities. The Bank of Zambia's 2024-2027 Strategic Plan includes developing a crypto and stablecoin regulatory framework. Blockchain-based regulatory testing is underway with the SEC and BoZ.
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
- SEC warns public against unregulated cryptocurrency schemes
- Crypto products regulated only if they meet the definition of a security
- BoZ 2024-2027 Strategic Plan includes crypto and stablecoin regulatory framework
- Blockchain-based regulatory testing underway with SEC and BoZ
- Kwacha is sole legal tender for domestic transactions per 2025 Currency Directives