Nigeria Seeks Share of Crypto Profits: Tax Implications Analyzed

Nigeria’s Securities and Exchange Commission is actively pushing for a new tax regime on cryptocurrency transactions.

Aiming to boost national revenue and reduce the budget deficit. Lawmakers are expected to pass the bill in early 2025, which will also establish a licensing system for digital asset traders. This initiative follows the Federal Inland Revenue Service’s argument that Nigeria, a major crypto market, should benefit from related activities.

While some see the tax as a step toward regulation and legitimacy, others worry it will stifle growth. Experts emphasize the need for clear regulations and support for the nascent crypto industry before imposing taxes, advocating for a growth-first approach.

Clever Robot News Desk 20^th February 2025