Nigeria's growing digital asset market is attracting heightened regulatory attention because of the volume of on-chain transactions recorded in the country, according to Olaniyi Atose, chief executive officer of KoinKoin.
Speaking on Thursday in Lagos at the official launch of the KoinKoin app, Atose cited Chainalysis data showing that Nigeria recorded $92.1 billion in on-chain cryptocurrency transaction value between July 2024 and June 2025. He said the scale of activity demonstrated that digital assets have become an established part of the financial ecosystem and can no longer be ignored.
Atose noted that while substantial crypto transactions occur in Nigeria, regulators lack sufficient visibility into the activity, which creates challenges from an anti-money laundering and counter-terrorism financing perspective. "The reality is, Nigeria is the second adopter of crypto in the world. So that means there's something happening," he said, adding that the activity spans both business-to-business and retail transactions.
He argued that previous attempts to ban or restrict cryptocurrency only pushed activity underground rather than eliminating it. A regulatory framework, he said, would give the government a better understanding of the sector and demonstrate to the international financial community that Nigeria has appropriate mechanisms for monitoring digital asset activities.
KoinKoin is involved in several regulatory initiatives as Nigeria moves towards a more structured digital asset market. The company is part of the Central Bank of Nigeria's pilot cohort focused on anti-money laundering and counter-terrorist financing, and it has received an Approval in Principle from the Securities and Exchange Commission to participate in the Accelerated Regulatory Incubation Programme. Atose also disclosed that the Nigeria Revenue Service has invited KoinKoin to join a pilot programme for tax collection, while the Nigerian Financial Intelligence Unit has recognised the firm as part of efforts to strengthen suspicious transaction reporting. "We're very proud of what we've achieved in terms of our recognition by all these entities, but the work is not done," he said.
The company has also been admitted into Ghana's regulatory sandbox and plans to launch operations there in the coming weeks. The KoinKoin app will provide users with access to digital assets, including Bitcoin and digital dollar products.
