Nigeria Tightens Grip on Cryptocurrency Market with New Tax Rules

Nigeria is taking a more structured approach to regulating its fast-growing cryptocurrency market, introducing new tax rules that could see the government take a direct cut from digital asset transactions.

The Nigeria Revenue Service has released fresh guidelines for taxing virtual assets, signaling a shift from cautious observation to active participation in the sector's value chain.

The move is aimed at improving transparency and boosting public revenue, but industry players are expected to raise concerns about compliance burdens and the practicality of taxing decentralized assets.