The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has released a formal statement addressing the growing public comparison between South Africa’s crypto licensing regime and Nigeria’s current approach to virtual asset regulation.
Across Africa and beyond, South Africa is increasingly cited as a reference point for regulatory certainty in the digital assets space. Its progress has been driven by a unified, risk-based licensing framework under a single regulator; an approach that has enabled compliance, attracted investment, and allowed innovation to thrive within a supervised environment. The focus on market conduct, consumer protection, and operational readiness, rather than excessive upfront capital requirements, has proven effective.
Nigeria, however, remains Africa’s largest digital asset market by adoption, usage, and talent. Despite this leadership position, fragmented regulatory oversight and capital-intensive licensing structures have created barriers to entry for startups and slowed broader institutional participation. In some cases, this has resulted in platforms and capital flowing to more predictable jurisdictions.
In its statement, BICCoN emphasizes that the solution is not weaker regulation, but smarter and more proportional regulation; one that reflects the realities of digital asset business models while maintaining strong consumer protection standards. The Committee calls for deeper coordination among regulators, the adoption of risk-based and tiered licensing structures, transparent regulatory processes, and a framework that supports local innovation alongside global competitiveness.
BICCoN firmly believes that with the right reforms, Nigeria can move beyond being a leader in adoption alone to becoming a continental benchmark for market structure, regulatory excellence, and sustainable digital asset growth.
📄 Read full statement here:
[Download the Statement – 15 January 2026]
The Committee remains committed to constructive engagement with regulators, policymakers, and ecosystem stakeholders to help shape a regulatory environment that protects consumers, supports innovation, and positions Nigeria as a global digital asset hub.
