Nigeria Set to Impose Taxes on Cryptocurrencies

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Plans to Regulate the Crypto Industry
  2. Introduction of VAT on Crypto Transactions
  3. Impact on Crypto Investors and Platforms


    4. The Nigerian Federal Inland Revenue Service (FIRS) plans to start taxing cryptocurrency holdings next month. This was announced during a meeting with the Senate and House Committee on Finance.

    Plans to Regulate the Crypto Industry

    FIRS Chairman Zacch Adedeji announced intentions to push for a law to regulate the crypto industry. He stated that this would bring crypto assets under control. Adedeji cited the Stamp Duty Act of 1939 as an example, saying current laws are outdated.

    > "The plan first is to have the law that regulates it. This is done in any other place in the world when you have this innovation or system." (CITE_W_A)

    Introduction of VAT on Crypto Transactions

    Recently, Nigeria imposed a 7.5% Value-Added Tax (VAT) on cryptocurrency transaction fees. Exchange KuCoin notified its users that VAT collection started on July 8.

    Impact on Crypto Investors and Platforms

    The tax regulation situation in Nigeria has significant implications for local crypto investors and platforms. The recent tightening of tax regulations on crypto assets has also led to the imprisonment of several crypto platform executives, including Binance executive Tigran Gambaryan, who is facing money laundering and tax evasion charges. His health condition has severely deteriorated in prison.

    The introduction of cryptocurrency taxation in Nigeria is a significant step towards regulating this emerging industry. However, it can also have substantial implications for investors and platforms operating in this market.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Grayscale Appoints BitGo as Custodian for Hyperliquid Staking ETF

Grayscale has appointed BitGo Bank Trust as an additional custodian for its Hyperliquid Staking ETF to enhance custody services and operational flexibility.

user avatarAndrew Smith

Avalanche Sees Surge in Tokenized US Treasury Assets

The value of tokenized US Treasury assets on the Avalanche network has surged to approximately $545 million, marking a fourfold increase over the past year.

user avatarJacob Williams

Metaplanet Shows Liquidity Management with Strategic Bitcoin Transactions

Metaplanet sold 10,000 BTC for approximately $790 million and bought back 11,000 BTC for around $950 million, demonstrating its ability to manage liquidity effectively.

user avatarSon Min-ho

Navra Secures $19 Million in Series A Funding to Bridge Traditional Finance and Blockchain

Navra, a startup led by Mike Cagney, has successfully raised $19 million in Series A funding to enhance access to blockchain-based financial markets for traditional investors.

user avatarZainab Kamara

Arbitrum Proposes Strategic Initiative for USDG Stablecoin

Arbitrum has proposed a governance initiative to back USDG as a core strategic stablecoin within its ecosystem, including adding 100 million ARB to enhance liquidity and adoption.

user avatarTando Nkube

BitGo and HashKey Cloud Expand Partnership in Asia-Pacific

BitGo and HashKey Cloud have expanded their partnership to cover multiple areas of institutional crypto infrastructure, including staking, trading, custody, and asset tokenization in Singapore.

user avatarAyman Ben Youssef

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.