Nigeria has introduced a new tax framework requiring licensed cryptocurrency exchanges to collect a 1.5 per cent stamp duty on eligible fiat-to-crypto and crypto-to-fiat transactions.
Under the guidelines issued by the Nigeria Revenue Service, the levy will be deducted in the digital asset being transferred, such as Bitcoin or the stablecoin USDT, instead of naira.
Exchanges must also submit daily transaction records through a government e-reporting portal as part of efforts to improve tax compliance and oversight of the virtual asset sector.
The policy forms part of the Federal Government’s broader drive to expand the tax base and formalise digital asset transactions. While industry stakeholders welcomed greater regulatory clarity, some warned that compliance costs and enforcement challenges could affect operators, especially offshore platforms serving Nigerian users.
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