Nigerian Stakeholders Warn of Crypto Tax Impact on Traders

Nigerian stakeholders, including Chukwuemeka Enoch Mbaebi and Obinna Iwuno, caution that the introduction of a crypto tax by the Nigerian Tax Administration Authority (NTAA) may lead to a shift towards peer-to-peer (P2P) trading among cryptocurrency users. The tax plan, set to take effect in January 2026, imposes stringent compliance requirements on virtual asset service providers, potentially discouraging small-scale traders and empowering P2P markets.

This move could undermine the government's efforts to formalize and monitor the crypto sector, impacting the country's digital asset ecosystem.