Nigeria to Introduce Tax on Crypto Transactions
According to a Bloomberg report from February 18, Nigeria is set to amend its digital asset regulations to impose taxes on cryptocurrency transactions.
This initiative aims to bring all eligible crypto transactions on regulated exchanges under the official tax framework, potentially generating significant revenue for the country.
A bill outlining the framework for taxing crypto transactions and introducing other taxes is currently under review by lawmakers, who are expected to adopt it within this quarter. The National Assembly of Nigeria began its 2025 legislative session on January 14, 2025.
The Nigerian Securities and Exchange Commission (SEC) announced plans to enhance crypto licensing by issuing licenses to cryptocurrency exchanges, allowing for better monitoring and taxation of transactions. The SEC believes this move will also boost investor confidence and security.
