IMF-尼日利亚加密货币市场监管（英）-2025.7_17页_1mb

报告摘要

Summary: Regulating the Crypto Market in Nigeria

Core Content

This document outlines the Nigerian authorities' regulatory response to the growing crypto asset market and provides recommendations to enhance oversight, ensure compliance, and mitigate associated risks. The paper is part of the IMF's Selected Issues Paper series and was prepared by Jose De Luna Martinez and Deeksha Kale for the Nigerian government.

Main Viewpoints

Rapid Growth of Crypto Adoption: Nigeria is among the top three countries globally in terms of crypto adoption, with a significant volume of transactions recorded in 2023–2024.
Regulatory Framework Development: Nigeria has been developing a comprehensive regulatory framework for crypto assets, aligning with the IMF's 2023 Policy Paper on crypto assets.
Key Risks Identified: The crypto market poses risks such as undetected capital outflows, currency speculation, money laundering, terrorism financing, and consumer fraud.
Need for Enforcement and Transparency: While regulations are in place, enforcement remains a challenge due to the informal nature of some transactions and the presence of unlicensed platforms.
Importance of International Cooperation: Nigeria is actively engaging with international bodies and foreign regulators to enhance supervision and address cross-border risks.

Key Information

Crypto Market Overview

Global Growth: The global market capitalization of crypto assets increased from $211 billion in 2020 to $3.4 trillion by the end of 2024.
Nigeria's Position: Nigeria ranks among the top three countries in crypto adoption globally, with $59 billion in crypto transactions between July 2023 and June 2024.
Popular Assets: Bitcoin is the most popular crypto asset in Nigeria, followed by Binance, Ethereum, and stablecoins like Tether and USD Coin.

Regulatory Elements

The paper evaluates Nigeria's regulatory response through the lens of the IMF's nine elements for effective crypto policies:

Safeguard Monetary Sovereignty: The naira remains the official currency, and crypto assets are not recognized as legal tender. Banks are prohibited from holding crypto-denominated assets or using them as collateral.
Guard Against Capital Flow Volatility: Crypto platforms enable cross-border transfers without detection, posing risks to capital control and currency stability. The authorities have shut down some unlicensed platforms and banned P2P transactions.
Analyze and Disclose Fiscal Risks: A 10% capital gains tax was introduced in 2023, but enforcement is weak. The FIRS needs to improve tracking and tax collection mechanisms.
Establish Legal Certainty: The SEC regulates crypto assets as securities and has established a framework for oversight, including AML/CFT requirements and licensing of exchanges.
Develop Prudential Requirements: All crypto exchanges must be licensed by the SEC and incorporated in Nigeria. The SEC has initiated programs to support compliance and incubate local platforms.
Joint Monitoring Framework: A working group comprising the SEC, CBN, FIU, and the National Security Adviser coordinates regulatory efforts and shares information.
International Collaboration: Nigeria is actively engaging with international organizations like IOSCO and foreign regulators to enhance supervision and enforcement.
Monitor Impact on Financial Stability: The Nigerian authorities are tasked with monitoring the effects of crypto assets on both the domestic and international financial systems.

Enforcement and Challenges

Monitoring and Surveillance: The SEC and CBN have established specialized units to monitor crypto market activity, using data from Chainalysis and local exchanges.
Informal Market Risks: The informal FX market remains a challenge, and the SEC is working to address it while improving the formal market's efficiency and transparency.
Technology and Compliance: The SEC mandates compliance officers, compliance manuals, and employee training for licensed entities. It also requires crypto firms to report suspicious transactions.
Consumer Protection: The SEC has updated rules to regulate marketing activities by VASPs and social media influencers, requiring prior approval and verification of licensed status.

Recommendations

Continue Monitoring: Authorities should monitor crypto market developments and ensure all exchanges meet SEC regulatory standards.
Strengthen Enforcement: Identify and shut down unlicensed crypto firms, both locally and internationally.
Enhance Tax Collection: Improve tracking of crypto ownership and usage, and consider mandatory tax withholding.
Improve AML/CFT Supervision: Implement risk-based AML/CFT measures and ensure supervisory activity matches the level of ML/TF risks.
Promote Transparency and Formalization: Enhance the efficiency and transparency of the formal FX market and reduce reliance on informal channels.
Foster International Cooperation: Collaborate with global counterparts to address cross-border risks and improve regulatory alignment.

Conclusion

Nigeria's approach to regulating the crypto market is evolving, with a focus on safeguarding monetary sovereignty, addressing capital flow risks, and ensuring legal and fiscal compliance. While the framework is in place, enforcement, data collection, and international cooperation remain critical to fully realizing the benefits of crypto while mitigating its risks. The paper emphasizes the need for continued vigilance and strategic alignment with global standards to maintain financial stability and protect investors.

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