SEC Takes Efforts to Impose New Regulations on Cryptocurrency Transactions in Nigeria.

To guarantee that all qualifying transactions on regulated cryptocurrency exchanges are included in the official tax net, the Securities and Exchange Commission (SEC) is presently creating new regulations. The SEC revealed this in an email response to the publication’s inquiries, according to a Bloomberg article. According to the SEC, the proposed regulations are intended to collect taxes from cryptocurrency transactions, which have become increasingly popular among Nigeria’s young, tech-savvy populace.

Although it would not offer precise projections of the anticipated revenue, the SEC acknowledged the “substantial amount of tax revenue that will occur from bitcoin transactions.”

Crypto trading in Nigeria 

In Nigeria, cryptocurrencies have grown in popularity, especially as a hedge against high inflation and the sharp decline of the naira’s value relative to the US dollar since the middle of 2023. By giving permits that will allow residents to trade on official, centralized exchanges, the SEC is also attempting to broaden the scope of cryptocurrency licensing. These solutions will guarantee adherence to tax laws and enable improved transaction monitoring. The SEC said, “We expect a slow shift toward centralized exchanges because they will give investors more security and comfort.”

see more:SEC warns Nigerians against investing in Risevest and Stecs  

Crypto transaction bill 

The National Assembly is now considering a bill that would establish a framework for taxing cryptocurrency transactions and imposing additional charges; it is anticipated that the bill would become law this quarter. This action is in line with the fiscal changes implemented by President Bola Tinubu, which are intended to increase government revenue and lower the budget deficit. Restructuring Nigeria’s tax administration and enhancing fiscal sustainability have been top priorities for Tinubu since he assumed office in 2023. A 2025 expenditure plan worth N54.99 trillion ($36.4 billion) was adopted by MPs last week, highlighting the government’s emphasis on generating money.