According to the country’s securities and exchange commission, Nigeria is preparing to impose a cryptocurrency transaction as part of the extensive efforts to promote government revenue.
A bill underlining the tax structure is being reviewed and according to this it is expected to be passed in this quarter Bloomberg,
The SEC plans to bring eligible crypto transactions on regulated exchanges in the formal tax system. The regulator accepted sufficient amounts of tax revenue that acquired from cryptocurrency transactions “from cryptocurrency transactions without providing specific figures.
The step comes in the form of grapes with Nigeria high inflation and a weak naira, which has turned to many inhabitants as a hedge to cryptocurrency. Since assuming office in 2023, President said that Tinubu has implemented fiscal reforms to increase revenue and reduce national deficit.
Nigeria to issue more licenses
Beyond taxation, SEC intends to issue more licenses for centralized crypto exchanges. The regulator believes that these exchange will offer better monitoring capabilities and investors safety than decentralized options.
The SEC hopes that the centralized exchange will gradually gain popularity due to increased safety and assurance they provide to investors.
This development is growing in international investigation on handling of the country from matters-related matters in Nigeria and Crypto-related matters. Recently, a detained was issued to the Benance Executive, and US lawmakers criticized Nigeria for their approach to regulate the region.
According to Bloomberg, Nigeria’s 2025 budget includes a plan to spend 54.99 trillion Naira ($ 36.4 billion), with crypto taxes seen as a possible source of additional revenue to help meet these goals .
