The founder and Chief Executive Officer of Flashchange Limited, Bidemi Oke, has said Nigeria can convert its rapidly growing cryptocurrency activity into tangible economic growth by prioritising regulation, licensing and structured taxation rather than informal participation.
Oke, who leads the fintech company behind the Flashchange digital asset exchange platform, made the remarks while assessing the implications of Nigeria’s emerging crypto tax framework and the regulation of Virtual Asset Service Providers, VASPs. He noted that although Nigeria processes tens of billions of dollars in crypto transactions annually, volume alone does not translate into national economic value without proper structure.
Brandspur Banking News Desk reports that Oke stressed that formalising crypto operations through licensing, reporting standards and integration with the financial system would make the sector visible to regulators, enable taxation of profits and support employment, consumer protection and evidence-based policymaking.
According to him, full integration of crypto into Nigeria’s financial system could deliver immediate benefits to fintech companies, payment platforms, small and medium-sized enterprises and the wider digital economy. He explained that crypto infrastructure reduces transaction friction, supports programmable finance and creates alternative funding options for businesses, while also strengthening capital markets through asset tokenisation and improved liquidity.
Oke added that the economic impact of crypto regulation would extend beyond finance into secondary sectors such as cybersecurity, compliance, software development and digital infrastructure, helping to create skilled jobs and deepen Nigeria’s technology ecosystem.
On taxation, the Flashchange CEO advised that Nigeria’s new Tax Act should focus on taxing value creation rather than participation. He argued that taxing profits made by crypto businesses and realised gains by investors, instead of routine transactions, would boost government revenue without discouraging innovation or pushing activity into informal channels.
He also highlighted long-term benefits of a regulated crypto ecosystem, including the attraction of foreign and diaspora investment, retention of local talent and reduction of brain drain. According to him, a credible regulatory environment would position Nigeria as a competitive destination for digital finance and blockchain expertise.
Oke pointed to recent steps by the Securities and Exchange Commission to introduce VASP licensing frameworks, operational guidelines and regulatory sandboxes covering exchanges, custodians and wallet providers. He said these measures were critical for building market trust, filtering out systemic risk and creating the certainty required for institutional and foreign investment.
Drawing lessons from jurisdictions such as the United Arab Emirates, Singapore and Switzerland, Oke said Nigeria should pursue clear, adaptive and locally relevant crypto regulation aligned with global standards, noting that effective regulation must evolve alongside innovation rather than attempt to suppress it.
