Nigeria Prepares for Comprehensive Tax Reform, Including Cryptocurrency Regulation
The Nigerian government plans to introduce new tax legislation by September 2024, including regulations for the cryptocurrency industry. The Federal Inland Revenue Service (FIRS) aims to streamline revenue administration and simplify tax laws.
Nigeria to introduce new tax laws regulating cryptocurrency by September 2024
The Nigerian government is set to introduce new tax laws, including regulations for the Nigerian crypto industry, by September 2024. The FIRS plans to overhaul the revenue administration process and simplify tax laws.
Crypto exchange OKX to discontinue services in Nigeria from August 16, 2024
OKX will discontinue its services in Nigeria from August 16, 2024, citing recent changes in local laws and regulations. KuCoin informed its Nigerian users that it would start charging a value-added tax (VAT) of 7.5% in addition to transaction charges.
Nigeria Issues Directives To Entities to Identify Users Transacting On Bybit, KuCoin, OKX and Binance
The Central Bank of Nigeria has asked financial institutions to identify persons or entities transacting in or operating with Bybit, KuCoin, OKX, and Binance. Dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
