Nigeria reportedly advances crypto tax plan while grappling with Binance dispute
Nigeria’s Securities and Exchange Commission (SEC) is working on a plan to tax crypto transactions as part of a broader effort to increase government revenue, Bloomberg reported on Feb. 18.
According to the report, the regulatory body intends to bring eligible crypto transactions on licensed exchanges under the country’s tax framework. Meanwhile, a bill outlining the tax structure is under review and could be approved within the quarter.
While the SEC has not disclosed the expected revenue from this initiative, officials believe it will generate a significant amount because Nigeria is one of the leading countries in crypto adoption.
Some exchanges have already begun implementing tax measures. KuCoin, a major trading platform in…
