Nigeria plans to amend its digital asset regulations to include taxes on cryptocurrency transactions, a move aimed at boosting the country’s revenue. This proposal, which is expected to be passed in the current legislative session, will bring eligible transactions on regulated exchanges into the formal tax system. The Nigerian government hopes that this step will generate substantial income and increase transparency in the crypto sector.
The Nigerian Securities and Exchange Commission (SEC) is also focused on enhancing crypto exchange licensing to monitor and tax transactions more effectively. The goal is to improve investor confidence by ensuring that exchanges operate within a clear regulatory framework. In 2024, Nigeria issued its first exchange license, marking a significant milestone in crypto regulation.
In addition to licensing, the SEC has taken steps to regulate the marketing of cryptocurrencies. In late 2024, new rules were introduced to prevent influencers from promoting unregulated crypto products. The government’s focus on monitoring the crypto sector aims to enhance security and ensure that only licensed entities operate.
Nigeria remains one of the leading countries in crypto adoption. According to reports, a significant portion of the population owns cryptocurrency wallets, and the country has ranked highly in global adoption surveys. The widespread use of stablecoins, such as Tether and USD Coin, has been a response to the local currency’s inflation, further highlighting Nigeria’s strong presence in the global crypto landscape.
