Nigeria's Securities and Exchange Commission (SEC) is set to generate more revenue by taxing cryptocurrency transactions. This move is part of the country's broader strategy to boost revenue generation, as announced by President Bola Tinubu's administration.
The SEC plans to revise its digital asset regulations to include a tax on cryptocurrency transactions conducted on regulated exchanges. This initiative aims to formally tax all crypto transactions and could generate significant revenue for the country.
Additionally, the SEC intends to increase licensing of cryptocurrency exchanges, allowing transactions to be monitored and taxed. This move is expected to boost investor confidence and security in the market.
The proposed tax regulations are expected to be enacted this quarter, as lawmakers are currently considering a bill that sets the framework for taxing crypto transactions, along with other proposed taxes.
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