Nigeria is amending regulations to allow cryptocurrency trading and digitized transactions to be taxed as it seeks to boost revenue.
The Securities and Exchange Commission is working on new rules that “will ensure that all eligible transactions on regulated exchanges are brought into the formal tax net,” the Abuja-based agency said in emailed response to questions.
A bill that outlines a framework for taxing crypto transactions and introducing other levies is currently before lawmakers and is expected to be adopted this quarter.
The SEC “acknowledges the substantial amount of tax revenue that will accrue from cryptocurrency transactions,” the regulator said, ...
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