Nigeria Moves to Tax Cryptocurrency Transactions
- Nigeria is amending regulations to tax cryptocurrency trading and digitized transactions.
- The SEC is drafting new rules to ensure transactions on regulated exchanges are taxed.
- A bill outlining a framework for taxing crypto is under legislative review and expected to pass this quarter.
The move to regulate and tax cryptocurrency trading in Nigeria reflects a proactive approach to harnessing the potential of digital assets for economic growth. However, the government must ensure that the regulatory framework is balanced to encourage innovation while providing necessary oversight.
