By
Gloria Oluchukwu Igalawuye
Abstract
This paper critically examines the regulatory and institutional approaches governing cryptocurrency and financial technology (FinTech), particularly Bitcoin and Robo-Advisory services in Nigeria and selected jurisdictions. While digital financial innovations present opportunities for efficiency, economic inclusion and wealth creation, they also pose complex challenges for regulators seeking to balance innovation with consumer protection, financial stability, and compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations. The study reviews the roles of Nigeria’s key regulatory bodies namely the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) and assesses the adequacy, gaps and ambiguities in existing regulatory instruments. A doctrinal and comparative research design was adopted, drawing insights from the United Kingdom (UK), the United States of America (US), South Africa and Kenya. Findings indicate that Nigeria’s FinTech ecosystem remains constrained by legal uncertainty, fragmented regulation and inconsistent policy positions. Major risks include cybersecurity threats, regulatory arbitrage, market volatility, peer-to-peer (P2P) transactional abuse and insufficient algorithmic governance. The paper recommends structured reform through a comprehensive Digital Assets Act, enhanced regulatory coordination, and capacity-building, while emphasizing the need for innovation-friendly mechanisms such as regulatory sandboxes.