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Digital Assets Coalition urges Nigeria to revise taxing policies on virtual assets to avoid stifling crypto adoptionNew guidelines proposed by Nigeria Revenue Service could unfairly burden ordinary users and drive transactions undergroundCoalition highlights successful profit-based tax models from countries like the UK and Brazil to enhance revenue generation
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Digital Assets Coalition (DAC) has urged the Nigeria Revenue Service (NRS) to revise its proposed taxation guidelines for virtual assets, warning that the current framework could discourage crypto adoption, drive transactions underground, and ultimately reduce government revenue.
In a newly released position paper titled Tax the Profit, Not the Movement of Money, the coalition said it supports taxing profits made from cryptocurrency investments but opposes taxes imposed on every crypto transaction regardless of whether investors make gains or losses.
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