Although, this is not new to us on this local board. In the Financial Act 2023, 10% capital gain tax for bitcoin and other cryptocurrencies was included and has been signed. But how about crypto regulation in Nigeria?
The president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Obinna Iwunna, has commented on the implementation of the Finance Act, 2023, which was signed into law on May 28. According to Iwunna, the successful execution of the law will be challenging due to its premature introduction.
Continue to read on this link there are more to read:
https://cointelegraph.com/news/nigerian-crypto-tax-move-is-premature-local-stakeholdersWe have people of wisdom in Nigeria, but why the process to do something correctly is faking in the country. Nigeria need to be fast about regulating cryptocurrencies. The suspended CBN president failed to see how Nigeria government will earn from regulating cryptocurrencies, how cryptocurrencies will increase Nigeria economic growth and development. How it will increase employment. Even without regulation, employment increased and many Nigerians depends on crypto job as of today m
I think the SEC regulates securities and commodities in Nigeria, no doubt they are the best for this and work with law makers. I have not seen any law maker, minister of finance or the president that is directly interested in crypto regulation, but the SEC needs to be fast about this. Or any of them should be fast about this.
In Africa, Namibia has passes a bill to regulate cryptocurrencies. South Africa will finally have a bill to regulate inu the end of this year. When is Nigeria crypto regulation coming?
https://cointelegraph.com/news/nigerian-crypto-tax-move-is-premature-local-stakeholdershttps://cryptonews.com/news/namibia-passes-bill-for-licensing-regulating-virtual-asset-service-providers.htmhttps://www.bloomberg.com/news/articles/2023-07-04/south-africa-to-require-crypto-exchanges-licensing-by-year-end