Africa Takes Aim at Crypto Regulations and Taxation

Nigeria is taking steps to tax cryptocurrency transactions, while South Africa is implementing measures to regulate cross-border crypto transfers.

The Nigerian government has introduced a 1.5% stamp duty on eligible crypto transactions, with registered virtual asset service providers required to deduct the levy before remitting it to the government.

This move comes as part of Nigeria's efforts to establish a regulatory framework for cryptocurrencies, which were previously classified as securities under the Investment and Securities Act (2025).

In South Africa, the central bank has proposed reporting rules for offshore crypto transfers, treating them as cross-border capital outflows that must be reported to the Financial Surveillance Department.