As Nigerias new cryptocurrency tax regime takes effect this January, the governments push for revenue is colliding head-on with an industry still waiting for clear rules. The industry yet again finds itself caught between aggressive government policy and regulatory uncertainty.
While authorities push to collect revenue from digital asset transactions, most crypto exchanges still operate without formal licenses, highlighting what experts call a revenue first, rules later approach that threatens to stifle the very market it aims to formalise.
Ayotunde Alabi, CEO of Luno Nigeria, a prominent crypto exchange, identifies the core issue as an enforcement credibility gap. When taxation moves faster than licensing and market conduct rules, you create uncertainty over who is in scope,' he tells WT.
