Nigeria Aims to Create Unified Crypto Regulatory Framework
The Nigerian government is working on a unified and business-friendly regulatory framework for the cryptocurrency industry.
Deputy Director of the Nigeria Revenue Service, Oni Olushola, announced this at the second edition of the Nigeria Stablecoin Summit in Lagos. He stated that the Central Bank of Nigeria, Securities and Exchange Commission, NRS, and Presidency are aligned on creating an enabling environment for virtual asset businesses.
The remarks come after the tax agency released new Guidelines on the Taxation of Virtual Assets, which imposes up to 30% tax obligations on medium and large virtual assets companies. The government's objective is to create a framework that allows digital asset businesses to grow while improving tax compliance and revenue generation.