Nigeria has introduced a new tax framework covering cryptocurrency and other virtual assets as part of broader efforts to modernize its tax system and increase government revenue.

The new rules apply to cryptocurrencies, stablecoins, non-fungible tokens (NFTs) and other digital assets, making the country’s crypto sector subject to a more comprehensive tax regime than ever before.

The Nigerian tax authority announced that certain cryptocurrency transactions will now be subject to stamp duty, while withholding taxes will also apply to qualifying digital asset transactions. The reforms are part of a wider fiscal strategy aimed at expanding the country’s tax base by including rapidly…