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Nigerian officials are updating regulations regarding digital assets to implement taxes on cryptocurrency transactions conducted on exchanges.
The Nigerian Securities and Exchange Commission (SEC) announced that it is formulating new regulations to ensure taxation on all relevant transactions taking place on regulated crypto exchanges. A draft bill establishing the tax framework for these transactions has been presented to Nigeria’s legislative bodies and is currently under review. The regulation is anticipated to be enacted in the first quarter of 2025, according to Bloomberg.
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Additionally, the Nigerian regulator intends to broaden licensing requirements for crypto platforms, which includes introducing permits for trading on centralized exchanges (CEXs). This initiative aims to enhance oversight of transactions and facilitate their taxation. The SEC believes that these actions will foster safer conditions for investors and improve transparency in the crypto market.
The introduction of taxes on cryptocurrency transactions and regulation of centralized exchanges in Nigeria is expected to accelerate the integration of digital assets into the nation’s economy and boost government revenue.
Nigeria was among the global frontrunners in cryptocurrency adoption in 2024. The country was also actively engaged in Web3 initiatives, such as the Nigerian National Information Technology Development Agency’s project to establish a state-backed blockchain network, Nigerium. Furthermore, the Lagos government announced plans to develop a tokenized real estate market.
Сообщение Nigeria Introduces Taxation on Crypto Change Transactions появились сначала на CoinsPaid Media.
