Nigeria is set to introduce new taxes on cryptocurrency transactions, aiming to boost its revenue amid economic challenges. The government proposes a 0.5–1% capital gains tax on profits and a 10% value-added tax (VAT) on exchanges, potentially generating up to 200 billion naira ($250 million) annually.

However, experts caution that high taxation could drive users toward unregulated peer-to-peer (P2P) platforms, complicating enforcement and reducing potential revenue. Nigeria’s substantial informal sector and history of tax evasion present additional hurdles to effective tax collection.

In a related development, Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking $79.5 billion for alleged economic losses and $2 billion in back taxes. This legal action underscores the government’s intent to regulate the crypto market and ensure compliance with tax obligations.

While Nigeria boasts Africa’s largest cryptocurrency market, with approximately 22% of its population owning or using crypto assets, the effectiveness of these tax measures remains uncertain. Balancing regulation with the sector’s growth is crucial to avoid stifling innovation and driving activities underground.

El Salvador has continued its Bitcoin acquisition strategy, purchasing over 13 BTC since March 1, bringing its total holdings to approximately 6,105 BTC, valued at over $527 million.

This accumulation persists despite a December 2024 agreement with the International Monetary Fund (IMF) for a $1.4 billion loan, which included commitments to reduce public sector involvement with Bitcoin and revoke its status as legal tender.

In January 2025, El Salvador’s Congress amended Bitcoin laws to align with IMF requirements, repealing the previous legislation in a 55-2 vote. Nevertheless, the government continued its daily Bitcoin purchases, including a notable acquisition of 5 BTC on March 3.

President Nayib Bukele has dismissed IMF pressures to halt Bitcoin accumulation, stating that the country’s strategy remains unchanged. This steadfast approach has attracted major crypto firms to El Salvador, with Bitfinex Derivatives and Tether relocating their operations to the nation in early 2025.

Robinhood has agreed to pay $29.75 million to settle regulatory probes by the Financial Industry Regulatory Authority (FINRA). The settlement includes a $26 million fine and $3.75 million in restitution to customers, stemming from failures in its supervision and compliance practices. The company was found to have ignored red flags related to anti-money laundering violations and inadequate oversight of trading activities.

FINRA’s investigation revealed that Robinhood failed to properly supervise its clearing system, especially during periods of heightened market volatility. The regulator cited delays in processing transactions between March 2020 and January 2021, coinciding with trading restrictions on meme stocks such as GameStop and AMC. Additionally, Robinhood reportedly did not adequately investigate suspicious trading activities or prevent customer accounts from being compromised.

Another key issue involved Robinhood’s failure to verify customer identities before opening accounts, as well as insufficient anti-money laundering protocols. The firm was also criticized for failing to monitor and retain social media communications, particularly promotional content from paid influencers that contained misleading claims. These violations raised concerns about investor protection and compliance with financial regulations.

This settlement follows a separate $45 million agreement reached in January with U.S. securities regulators over violations of securities laws. Despite these regulatory challenges, Robinhood reported strong financial performance, with record net income of $916 million and significant growth in crypto trading revenue. However, the company’s repeated compliance issues highlight ongoing scrutiny from regulators as it continues expanding its financial services.