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The Nigerian Securities and Exchange Commission (SEC) plans to take enforcement action against businesses and individuals involved in unregulated cryptocurrency trading. Commissioner Emomodimi Agama said any entity operating in the market without being regulated will face action, emphasizing that the SEC is committed to protecting investors.
Currently, only two cryptocurrency exchanges in Nigeria (Busha Digital and Quidax Technologies) have obtained regulatory licenses. Agama pointed out that as young people's interest in digital assets grows, a clear regulatory framework needs to be established to protect investors and promote innovation. In addition, the SEC's supervision will include inspections related to anti-money laundering and combating terrorist financing.
Although Nigeria has become one of the world's major cryptocurrency markets, its regulatory policies are inconsistent. In 2021, the Central Bank of Nigeria completely banned cryptocurrency trading, but issued a regulatory framework in 2022. At the end of 2023, the central bank lifted the ban, but introduced new regulations in 2024 to restrict peer-to-peer cryptocurrency exchanges in naira. At the same time, global exchanges such as Binance also face regulatory challenges. Binance announced its withdrawal from Nigeria in March 2024, but its executives were still detained by local law enforcement agencies.
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💳️ In order to expand fiscal revenue channels, Nigeria promotes a 10% tax on cryptocurrency profits

The Nigerian government recently plans to impose a 10% tax on the profits of cryptocurrency transactions, with the goal of increasing national revenue in this way and formally incorporating digital assets into its fiscal system. The plan is expected to be implemented in May 2023, which is a key measure to expand the government's revenue sources.

This is a big step towards formalization for cryptocurrencies, but it has also caused some investors and merchants to worry. Some people are afraid that this high tax will reduce market participation, and more people may turn to decentralized and unregulated platforms. Of course, some people think this is an important step towards legalization of the industry.

In addition, the Nigerian Securities and Exchange Commission (SEC) requires cryptocurrency companies operating in the country to obtain a virtual asset service provider (VASP) license. This will make the environment for digital asset trading more orderly and reduce the risk of money laundering and fraud.

The new rules also require exchanges and cryptocurrency-related businesses to comply with strict regulations, and those that fail to obtain the necessary licenses may face fines or restrictions, which will also affect their ability to operate legally in Nigeria.

In response, some investors and analysts believe that the improvement of the tax and regulatory framework may attract more institutional investors and push cryptocurrencies further into the mainstream. However, some people are concerned that this may have some unexpected consequences and potential impacts on the market.

In particular, the 10% capital gains tax may have a significant impact on the profits of small-scale traders, making trading less attractive.

Some market observers also said that without a clear implementation strategy, this tax may force cryptocurrency operators to conduct their business in secret, making them more difficult to monitor and regulate.

Overall, this wave of operations in Nigeria is both an opportunity and a challenge, so let's wait and see!

💬What do you think of Nigeria's 10% cryptocurrency transaction tax? See the comments section!

#尼日利亚 #加密货币税 #数字资产 #加密税

💰️Nigeria Drafts Cryptocurrency Tax Plan While Advancing Resolution of Binance Dispute

Nigeria has been quite active in the cryptocurrency sector lately! According to a Bloomberg report on February 18, the Nigerian Securities and Exchange Commission (SEC) is drafting a plan to impose taxes on cryptocurrency transactions, which is one of their strategies to increase government revenue.

The report states that the regulatory body also plans to incorporate eligible cryptocurrency transactions from licensed exchanges into the tax system. Moreover, a bill regarding the tax structure is under review and may be approved within this quarter.

Although the SEC has not disclosed how much revenue they expect to collect, officials believe it will be significant, as Nigeria is one of the countries with a very high cryptocurrency usage rate.

Some exchanges have already started collecting taxes, such as the trading platform KuCoin, which operates in Nigeria and began charging users a 7.5% Value Added Tax (VAT) on trading fees last year.

Meanwhile, the advancement of tax policies also reflects a change in the government's attitude towards cryptocurrency. Last year, the SEC issued licenses to platforms like Busha and Quidax, allowing them to register as Virtual Asset Service Providers (VASP).

Speaking of which, did you know? This matter is also related to the dispute between Nigeria and Binance. Over the past year, the government and the global exchange have been embroiled in regulatory issues.

On February 14, Nigeria's Minister of Information and National Orientation, Mohammed Idris, came forward to rebut bribery allegations against Binance executive Tigran Gambaryan, urging everyone not to believe these accusations.

Although the local government denied these allegations, stating that Binance wanted to exchange a $5 million bond for Gambaryan's freedom, the government later reached an agreement with the U.S. and released Gambaryan for humanitarian reasons.

In summary, Nigeria's recent actions are quite strategic; on one hand, they aim to generate revenue through a cryptocurrency tax plan, and on the other hand, they are establishing rules in the cryptocurrency exchange dispute. This is a clear indication that they also want a piece of the pie in the cryptocurrency market!

Finally, what do you think about Nigeria's series of actions? See you in the comments section!

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He is a cat and dog who wants to cause trouble for Binance. He really dares to speak out, but he does not have the strength of the old American.​​​

⚖️ Nigerian Court Acquits Binance Executive Gambaryan, Finally Free!

Latest news shows that a Nigerian court has acquitted former Binance executive Tigran Gambaryan and ordered his immediate release. Gambaryan was the head of Binance's financial crime compliance department and had been detained by the Nigerian government since February, facing allegations of money laundering and currency manipulation. However, at a recent court session, the Economic and Financial Crimes Commission requested to withdraw the case, and the court subsequently dismissed all charges against him.

In February, Gambaryan was detained after meeting officials in Nigeria, suspected of exacerbating naira volatility. During his eight months of detention, he faced harsh conditions and health challenges, including malaria and disc herniation, which ultimately prompted external calls for his release based on diplomatic and humanitarian reasons.

Gambaryan's release is a milestone for Binance. Despite intensified scrutiny from global regulators, with the support of its legal advisor Mordi, the Economic and Financial Crimes Commission withdrew the case, and Judge Nwite dismissed all charges. Mordi emphasized that Gambaryan was merely an employee of Binance and did not participate in the company's overall financial decision-making.

This case also highlights the tension between global regulators and cryptocurrency exchanges. The Nigerian government had accused Binance of allowing users to transfer currencies other than the naira, affecting the country's economic stability and facilitating money hiding behaviors. Binance had previously reached a $4.3 billion settlement with U.S. regulators over related charges.

Gambaryan's release is good news for the cryptocurrency sector but has raised community concerns about the exchange's operations under strict regulation. Meanwhile, Nigeria is currently experiencing an economic crisis not seen in decades, which further exacerbates concerns about future cryptocurrency regulation.

The impact of this event on Binance and the entire cryptocurrency industry remains uncertain. However, it is certain that global regulators' scrutiny of cryptocurrency exchanges will continue to intensify.

💬 What are your insights on Gambaryan's release and the potential impact this outcome may have on Binance and the future regulatory trends for the cryptocurrency industry?

#币安高管释放 #尼日利亚 #加密货币监管

🚨Big move in Nigerian cryptocurrency freeze! Nearly $40 million in funds were stopped by the court! 📢

🇳🇬A Nigerian court recently ordered the freezing of $38 million worth of cryptocurrency funds, which were said to be used to support anti-government protests across the country. The decision came at a time when tensions were high in Nigeria due to rising costs of living, causing many people to worry that the government was targeting protesters.

💸Nigeria's Economic and Financial Crimes Commission (EFCC) reportedly said the frozen assets were proceeds from money laundering and terrorist financing. But they haven't revealed whose assets they are.

🗣️Just in early August, Nigeria's#EndBadGovernanceprotests were organized in a big way, with people taking to the streets to express their protests against issues such as inflation, unemployment and poverty in the country. Security forces have also been accused of using excessive force during the protests, and more than 20 protesters are said to have died.

🔍Afterwards, Nigerian authorities began to toughen up, arresting some of the alleged organizers of the protests, as well as those who were believed to be using the gathering as a pretext for bad behavior.

🚫 However, this is not the first time the Nigerian government has frozen the funds of anti-government activists. They did something similar during the#EndSARSprotests in 2020.

🤔 In response, critics said that although the government said this was a normal money laundering and terrorist financing investigation, some criticized it for suppressing different voices and undermining everyone's right to gather peacefully.

🌐Even Binance, one of the world's largest exchanges, has been affected by this regulatory intensity. Binance executive Tigran Gambaryan is currently in a Nigerian prison and his health is worrying. He and another executive, Nadeem Anjarwalla, face charges of money laundering of more than $35 million.

💬What do you think of the Nigerian government's practice of freezing the funds of cryptocurrency organizations? Let me know your views in the comments section!

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