Legal Status of Cryptocurrency in Nigeria and Legality of Legal Practitioners Engaging in Crypto: Evaluating the Ethical Rule against Trade or Business

Prior to the Investment and Securities Act 2025, which repealed the former Act of 2007, cryptocurrency was not legally recognised in Nigeria, but under the current Act, it now has a legal backing. Consequently, Nigerians, including legal practitioners, can legally participate in cryptocurrency trading, subject to being taxed under the new tax legislation, which would come into force in January 2026. One of the questions this article intends to address is whether a practising legal practitioner can be involved in cryptocurrency transactions. If the answer is in the affirmative, would that not amount to involvement in trade or business, which the Rules of Professional Conduct for Legal Practitioners prohibit? If the answer is in the negative, would that not amount to depriving such a legal practitioner of the acquisition of a digital asset, since cryptocurrency is legally regarded as a digital asset? This paper addresses the above questions and considers the importance of trade or business as stated in one of the regulations governing legal practice. It evaluates the ethical rule against trade or business in relation to cryptocurrency. It also formulates recommendations for participation in the acquisition of digital assets by practising legal practitioners without breaching the ethical rule.