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Africa’s biggest crypto market risks shrinking under new tax rules

Africa’s biggest crypto market risks shrinking under new tax rules

Cryptocurrencies have gained popularity in Nigeria as a solution to forex shortages. (REUTERS/Dado Ruvic/Illustration)

Cryptocurrencies have gained popularity in Nigeria as a solution to forex shortages. © REUTERS/Dado Ruvic/Illustration

The Nigeria government’s move to bring cryptocurrency more firmly into the tax net risks weakening Africa’s largest digital-asset market and pushing transactions beyond regulators’ reach, according to industry operators and a Big Four tax firm.

New guidelines issued by the…

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