NIGERIAN MOVES TO TAX CRYPTO TRANSACTION:

Nigeria is taking steps to tax cryptocurrency transactions in a bid to boost revenue. The Securities and Exchange Commission (SEC) is drafting new rules to ensure transactions on regulated exchanges are taxed, and a bill outlining a framework for taxing crypto and introducing other levies is under legislative review .

The move is expected to generate substantial revenue for the country, with Nigeria's young, tech-savvy population having already embraced crypto as a hedge against inflation and naira depreciation. In fact, Nigeria ranked No. 2 overall in global crypto adoption, with 84% of respondents in Nigeria saying they owned a crypto wallet .

The SEC is also looking to increase crypto licensing, issuing licenses to crypto exchanges so that transactions can be monitored and taxed. This is expected to increase investor confidence and comfort. Nigeria received $21.8 billion in stablecoins between July 2023 and June 2024, leading all Sub-Saharan African nations .#NigerianTraders