Topic: Nigerian crypto tax move is ‘premature’ — Local stakeholders - page 2. (Read 191 times)

In the topic I created about the Nigerian crypto taxation law, one of the questions I asked was how are they going to achieve this. Even in developed nations with better infrastructures, they are still going to find it difficult to get most of the individual users to pay tax, is it Nigeria that's going to be able to do it? Wey everything dey jaga jaga? Maybe e go just end up as audio talk. I totally agree with what the SIBAN president said that the crypto tax is premature. Even if they decide to follow the Belarusian government proposed approach, it's still not going work. Regulation of cryptocurrency would have been the first step. Sidon look na dog name. If we wan cement ourselves as giant of Africa, we better get up join bodi follow wetin our sister countries dey do like Namibia and South Africa.

Well I see Nigeria government as very weak in Cryptocurrency matters dem no no the important of di crypto things in the country. Nigeria would have been the first country in Africa to adopt, accept and regulate cryptocurrency but they are Sceptical about the technology. The ministry of technology and the ministry finance would have work Hand in hand to achieve their new development in the world. But the ministry of technology is ill staff so they don't even understand the stuff. Nigeria is the Cryptocurrency giant in Africa yet Namibia has done their regulation and South Africa is doing their at the end of the year. These are good examples.

Based on the process on ground and the steps this new government has took about BTC and crypto so far, I think before the end of this year 2023 we will celebrate that our government have sign the bill to regulate cryptocurrencies in the country and to be among the African countries that is regulating BTC and crypto. OP, I don't think we need to worry too much about this regulation of cryptocurrencies because, those guys in the administration really show interest on BTC and crypto in the country which they will do everything possible within their skills to make sure regulation of BTC and crypto stand in the land, and to improve the citizens financially and also improve the government economy.

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?


Continue to read on this link there are more to read: https://cointelegraph.com/news/nigerian-crypto-tax-move-is-premature-local-stakeholders

We have people of wisdom in Nigeria, but why the process to do something correctly is hard in the country. Nigeria need to be fast on 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 and how it will increase employment. Even without regulation, employment increased and many Nigerians depends on crypto job as of today.

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 that is directly interested in crypto regulation. Also nothing about it coming from the president or the ministry of finance. SEC needs to be fast about this and work with ministry of Finance and the law makers. Or any of them should be fast about this.

In Africa, Namibia has passed a bill to regulate cryptocurrencies. South Africa will finally have a bill to regulate cryptocurrencies by the end of this year. When is Nigeria crypto regulation coming?

https://cointelegraph.com/news/nigerian-crypto-tax-move-is-premature-local-stakeholders
https://cryptonews.com/news/namibia-passes-bill-for-licensing-regulating-virtual-asset-service-providers.htm
https://www.bloomberg.com/news/articles/2023-07-04/south-africa-to-require-crypto-exchanges-licensing-by-year-end