Nigeria's Crypto Stamp Duty: A Regulatory Paradox?

Nigeria's proposed 1.5% stamp duty on virtual asset transactions has sparked a debate about its impact on the crypto market.

Bidemi Oke, CEO of fintech platform FlashChange, suggests that while the cost may seem low, it could have unintended consequences, such as driving legitimate activity to informal channels and weakening market liquidity.

Oke argues that regulation should not be seen as a zero-sum game between crypto and traditional finance, but rather as an opportunity for jurisdictions to differentiate themselves and attract serious businesses.