Cryto Remittance Guide Archives | UseTheBitcoin

Crypto Regulation for Businesses Nigeria: What Licenses Do You Need?

Crypto regulation for businesses Nigeria requires SEC licensing with minimum ₦500 million capital for intermediaries, ₦1 billion for offering platforms, and ₦2 billion for exchanges, along with local CAC incorporation, physical Nigerian offices, and fidelity bonds covering 25% of capital. All Virtual Asset Service Providers must complete Accelerated Regulatory Incubation Program, register with Nigerian Financial Intelligence Unit, implement KYC/AML frameworks, and obtain banking access from CBN-approved banks serving only SEC-licensed entities since December 2023.

by Darlene Lleno

How to Report Crypto Income Nigeria: What’s the Complete Filing Process?

Report crypto income Nigeria through FIRS TaxPro-Max portal with March 31 deadline for individuals and June 30 for companies, requiring Tax Identification Number linked to NIN and BVN. Trading profits face progressive rates from 0-25% with first ₦800,000 tax-free, while received crypto counts as regular income at 7-25% rates based on Naira value at receipt, with trading losses offsetting gains within same year and non-compliance penalties starting at ₦10,000 plus 5% of unpaid tax.

by Darlene Lleno

How to Use Binance P2P in Nigeria: What Are Your Options After the Ban?

Binance suspended all Naira P2P services in February 2024, making direct NGN trading impossible as Nigerian SEC declared operations illegal. Nigerian users now buy USDT on alternative platforms like Bybit, Busha (licensed under ARIP), and Quidax, then transfer to Binance for trading, with current rates ranging ₦1,400-₦1,600 per dollar and mandatory TIN/NIN compliance required for all 2026 crypto transactions.

by Darlene Lleno

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DISCLAIMER: Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind.

Please consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, cryptocurrency or other investment.

Privacy Policy • Terms & Conditions

© 2025 UTB, All rights reserved.