Nigeria Introduces Tax on Virtual Currencies to Boost Market Transparency

Nigeria's fiscal reform includes taxing virtual currencies like cryptocurrencies under new laws announced by Taiwo Oyedele, Chair of the Fiscal Policy Tax Reform Committee. The move aims to modernize the tax system, encourage investment in regulated markets, and ensure transparency in tax refunds.

Virtual asset service providers will now be subject to taxable activities, aligning with the National Tax Administration Act 2025. This reform is expected to bring digital assets into the formal tax net and enhance compliance among crypto users.