Nigeria Slaps 1.5% Stamp Duty on Crypto Transactions

Nigeria has introduced a new 1.5% stamp duty on eligible cryptocurrency transactions as part of tax reforms, according to guidelines released by the Nigeria Revenue Service (NRS). The policy forms part of broader efforts to regulate the country's rapidly growing cryptocurrency market and improve tax compliance across digital financial transactions.

The new virtual asset taxation guidelines require registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to collect and remit the 1.5% stamp duty directly from digital asset transactions, rather than requiring users to make separate tax payments.

This effectively means the stamp duty applies each time an eligible cryptocurrency purchase takes place through a registered platform, increasing transaction costs for crypto investors and traders in Nigeria.