Nigeria's new bill classifies Bitcoin as a security

On May 1st, according to Forbes, Nigerian President Tinubu signed the Investment and Securities Act 2025 last month, officially classifying Bitcoin and other digital assets as securities, marking the first official recognition of Bitcoin's legal status by Nigerian regulators. The new bill will grant the Nigerian Securities and Exchange Commission (SEC) regulatory authority over virtual asset service providers (VASPs), digital asset operators (DAOPs), and digital asset trading platforms (DAEs). The bill will also severely crack down on Ponzi schemes, with violators facing fines of at least 20 million naira (approximately $12430) and up to 10 years in prison.