EddieJayonCrypto
19 Feb 25
Nigeria's Securities and Exchange Commission (SEC) is reportedly planning to tax crypto transactions to boost government revenue. The regulatory body aims to include eligible crypto transactions on licensed exchanges under the country's tax framework. Meanwhile, Nigeria is in a dispute with Binance,...
Nigeria’s Securities and Exchange Commission (SEC) is reportedly working on a plan to tax crypto transactions as part of a broader effort to increase government revenue. The regulatory body aims 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 soon.
Some exchanges in Nigeria have already started implementing tax measures. For instance, KuCoin, a major trading platform, began collecting a 7.5% value-added tax (VAT) on trading fees from its Nigerian users last year. This move, along with the SEC's plan, may indicate a potential shift in the government's stance on crypto.
The tax development coincides with Nigeria's ongoing standoff with Binance, a global exchange. Authorities have clashed with Binance over regulatory compliance, with the Minister of Information and National Orientation dismissing bribery allegations made by a Binance executive. The minister urged the public to disregard the allegations and stated that a diplomatic agreement with the US facilitated the executive's release on humanitarian grounds.