Nigeria to amend digital asset rules to tax cryptocurrency transactions 

Nigeria is set to amend digital asset regulations to introduce taxes on cryptocurrency transactions to boost revenue.

The Securities and Exchange Commission is working on new rules that “will ensure that all eligible transactions on regulated exchanges are brought into the formal tax net,” the Abuja-based agency said in an emailed response to questions. The Nigerian regulator plans to expand licensing requirements for crypto platforms, including introducing permits for trading on CEXs. 

This move aims to enhance oversight of transactions and facilitate their taxation. The SEC believes that such measures will create safer conditions for investors and improve crypto market transparency.

It was gathered that a draft bill establishing the tax framework for such transactions was submitted to Nigeria’s legislative bodies and is currently under discussion. The law is expected to be enacted before the end of first quarter 2025. 

According to Bloomberg report, the implementation of cryptocurrency transaction taxes and centralized exchange regulation in Nigeria is expected to accelerate the integration of digital assets into the country’s economic system and increase government revenue. Nigeria was among the global leaders in crypto adoption in 2024.

The country was also actively involved in Web3 initiatives, such as the Nigerian National Information Technology Development Agency’s project to build a state-backed blockchain network, Nigerium. Similarly, the government of Lagos announced plans to create a tokenized real estate market.