After reading the news about crypto taxation in Nigeria, I asked myself, what changed why are they interested in Bitcoin or the cryptocurrency market could it be that it is because Nigeria is in top ten in terms of the percentage of the population that owns cryptocurrency. About 10.3 percent of our population owns cryptocurrency. That is like 22 million Nigerians own cryptocurrency
1. Also remember that as of September 3, 2022, Nigeria Export Processing Zones Authority (NEPZA) announced partnership with Binance so that they can take advantage of a near trillion dollar virtual economy in blockchains and digital economy
2.
At this point, it should be obvious why the federal government stated now that cryptocurrency will be taxed in Nigeria. The federal government if successful, will make a lot of money from this. The first hurdle for them is to who has cryptocurrency and who doesn't. One may argue that they may use KYC from Binance exchange platform. They can't do that for non-KYC required wallets like the Electrum wallet. Well I am interested in see how it goes.
1.
https://triple-a.io/crypto-ownership-nigeria-2022/2.
https://techpoint.africa/2022/09/15/nigeria-biance-virtual-free-zone/#:~:text=On%20Saturday%2C%20September%203%2C%202022,Free%20Zone%20in%20West%20Africa.