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Nigeria introduces a new 1.5% stamp duty on cryptocurrency transactions as part of tax reformsRegistered crypto exchanges must now collect and remit the stamp duty directly from digital asset transactionsTax guidelines cover various activities, raising transaction costs for crypto investors and traders in Nigeria
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Government has rolled out a new 1.5% stamp duty on eligible cryptocurrency transactions, marking one of Nigeria’s biggest moves yet to bring digital assets into the country’s formal tax system.
Under fresh virtual asset taxation guidelines released by the Nigeria Revenue Service (NRS), buyers of Bitcoin, USDT, and other cryptocurrencies will now pay a 1.5% stamp duty on qualifying fiat-to-token and token-to-fiat transactions.
NRS releases new tax guidelines for cryptocurrency; Nigerians to pay for Bitcoin and USDT transactions. Credit: NRS/Westend61Source: Getty Images
Unlike traditional taxes deducted from bank accounts, the
