LEGAL AND REGULATORYF RAMEWORK

Digital assets and crypto-currencies have become transformative forces in modern finance. Bitcoin, introduced in 2009, marked the inception of decentralized digital currencies, paving the way for thousands of crypto-currencies and block-chain based projects. However, their growth has also raised questions about their legal classification, regulatory oversight, and implications for global economies. Legal systems worldwide grapple with defining digital assets and crypto-currencies due to their hybrid nature part currency, part commodity, and part security. As these assets proliferate, the lack of uniformity in their treatment creates regulatory gaps and risks, necessitating adaptive models that can respond to technological innovation while protecting market participants1. The legal and regulatory framework for crypto-currency and digital assets in Nigeria is undergoing significant transformation as the country seeks to leverage the potential of these technologies while addressing associated risks. Amidst a backdrop of rising interest and participation in crypto-currency evidenced by Nigeria's position as a leading nation in Africa for crypto-currency searche2, this evolving landscape has prompted the government and regulatory bodies to rethink existing legal structures and introduce new guidelines to foster innovation and protect consumers.