Nigeria is set to introduce new tax laws for the cryptocurrency sector by September 2024. This move aims to regulate the growing digital asset market and ensure it aligns with the country's tax framework.
The new regulations will include a 7.5% value-added tax on cryptocurrency transactions, providing much-needed clarity and oversight in a sector that has operated without specific legal guidelines.
This initiative seeks to expedite registration and compliance with new digital asset rules, reflecting Nigeria's commitment to integrating cryptocurrencies into its financial system responsibly. These tax reforms are part of a broader strategy to enhance Nigeria's tax-to-GDP ratio and improve fiscal sustainability.
The Securities and Exchange Commission (SEC) is actively involved in regulating the digital asset space and is inviting virtual asset service providers to join its Accelerated Regulatory Incubation Programme.
