Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12837
Markets: 99741
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12837
Cryptocurrencies
60.66%
Bitcoin Share
Bitcoinist 2025-02-20 01:00:02

Crypto Tax Incoming: Nigeria Eyes Digital Assets For Revenue Boost

Crypto Tax Incoming: Nigeria Eyes Digital Assets For Revenue Boost

Nigeria’s governance of digital assets has progressed with the enactment of its taxation policy on digital currency transactions, as reported. The government’s aim is to improve revenue collection and incorporate digital assets into its fiscal system by levying a 10% tax on capital gains from cryptocurrency transactions. Government Pushes For Crypto Taxation According to Bloomberg , the Nigerian government levied a 10% tax on profits from the sale of digital assets under the 2023 Finance Act. This strategy’s implementation in May 2023 was consistent with the government’s overarching objective of expanding its income base. Authorities intend to increase revenue from Nigeria’s expanding digital economy by concentrating on cryptocurrency earnings. Nigeria is amending regulations to allow cryptocurrency trading and digitized transactions to be taxed as it seeks to boost revenue https://t.co/v5lhqtNamp — Bloomberg Africa (@BloombergAfrica) February 18, 2025 Although this represents a substantial stride toward the formalization of cryptocurrency within the financial system, it has also prompted apprehension among investors and merchants. Some individuals are concerned that the high taxation may discourage market participation, thereby directing more users toward decentralized, unregulated platforms. Others regard it as an essential measure in the process of legitimizing the industry. SEC Introduces Licensing Requirements In addition to taxation, the Securities and Exchange Commission (SEC) of Nigeria has required that all cryptocurrency firms that operate within the country obtain Virtual Asset Service Provider (VASP) licenses . The objective of the regulatory framework is to establish a more organized environment for the trading of digital assets, thereby mitigating risks such as money laundering and fraud. Exchanges and crypto-related businesses are required to comply with stringent regulations under these new rules. Companies that fail to obtain the necessary licensing may be subject to penalties or restrictions, which could hinder their ability to operate legally within the country. Mixed Reactions From Crypto Users These developments have divided Nigeria’s crypto community. Some investors and analysts believe taxation and regulation might entice institutional investors and mainstream acceptance, but others worry about unexpected consequences. A 10% capital gains tax may have a substantial impact on the profitability of small-scale traders, rendering trading less appealing. Some market observers contend that the tax could potentially force crypto operators to conduct their business under the radar, making them more difficult to monitor and regulate, if a well-defined implementation strategy is not in place. Featured image from Gemini Imagen, chart from TradingView

Most Read News



Cryptohopper
Market Cap
24h Vol
60.66%
Bitcoin Share
610
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.