Nigeria is amending regulations to allow taxation on cryptocurrency transactions and digital transactions

ChainCatcher news, according to Bloomberg, Nigeria is amending regulations to allow taxation on cryptocurrency transactions and digital transactions, aimed at increasing fiscal revenue.

The Nigerian Securities and Exchange Commission stated that the agency is developing new rules to ensure that all eligible transactions can enter regulated exchanges and be included in the formal tax system, the agency said in response to questions via email.

Currently, a bill regarding the taxation of cryptocurrency transactions and the introduction of other taxes has been submitted to lawmakers and is expected to pass this quarter.