- Nigeria’s Federal government has made a bid to introduce crypto regulation and taxes.
- The legislation arises as crypto adoption in the country grows.
As a seasoned analyst with extensive experience tracking the global cryptocurrency landscape, I find it fascinating to see Nigeria joining the growing list of countries regulating digital assets. With my roots deeply entrenched in both the African and Western financial systems, I’ve seen firsthand how these markets have evolved over time.
Over the past months, crypto markets have faced increased scrutiny from regulatory authorities.
As an analyst, I’ve observed that multiple nations, such as Russia and Turkey, have implemented diverse regulatory measures and reforms concerning cryptocurrencies and digital assets. Previously, AMBCrypto reported on these developments.
Now, Nigeria has joined the race with a new crypto bill.
Nigeria pushes for crypto regulation bill
On August 18th, Dr. Zacch Adedeji, head of the Federal Revenue Services, revealed that the Nigerian federal government plans to submit a cryptocurrency regulatory bill before the parliament. This announcement was made during discussions with the Senate and House Committee on Finance.
In his address, he highlighted the significance of cryptocurrencies in the Nigerian community and mentioned its effects as well.
In simpler terms, “While the global trend leans towards cryptocurrencies, there’s currently no legislation in Nigeria governing their use.”
The suggested legislation was intended to revamp the nation’s tax system management and streamline the current tax regulations for easier comprehension.
The intention appears to be regulating the cryptocurrency market and safeguarding Nigeria’s economy from potential negative impacts by imposing taxes on crypto businesses and related services.
Rising crypto adoption in the country
As someone who has closely followed the digital currency world for several years now, I find it fascinating to witness the rapid growth and adoption of cryptocurrencies in Nigeria. Having lived in various parts of Africa, I have seen firsthand the challenges faced by many Africans when it comes to accessing traditional banking services. Cryptocurrencies have provided a much-needed solution for millions, offering financial inclusion and empowerment.
Revenue for the crypto industry will surge by 12.66% to hit $52.49 million by 2028.
According to data from Statista, in Nigeria,
“The average revenue per user in the Cryptocurrencies market amounts to US$7.03 in 2024.”
This number is projected to grow further.
Furthermore, it’s projected that the platform will have approximately 6.32 million users by 2028, achieving a user penetration rate of 2.05% in 2024 and rising to 2.25% by the end of that year.
Despite the fact that cryptocurrency usage and adoption across Africa remains relatively low, Nigeria stands out as a significant participant in this field. In fact, it ranks second only to South Africa in terms of cryptocurrency use and market saturation.
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2024-08-19 13:12