Nigeria plans to revise its digital asset regulations to include a tax on cryptocurrency transactions, Bloomberg has reported.
The initiative, which aims to formally tax all crypto transactions conducted on regulated exchanges, could generate significant revenue for the country.
Lawmakers are currently considering a bill that sets the framework for taxing crypto transactions, along with other proposed taxes. It is expected to be enacted this quarter.
In addition, the Securities and Exchange Commission (SEC) has expressed its intention to increase licensing of cryptocurrency exchanges.
This would allow transactions to be monitored and taxed, which the SEC believes will also boost investor confidence and security in the market.