Regulation And Taxation Of Cryptocurrency Transactions In Nigeria
- IJLLR Journal
- Jul 15
- 1 min read
Rahmatu Ishaq Ahmed, Rahmatu Ishaq Ahmed, Deputy Director (Academics), Nigerian Law School, Kano Campus
ABSTRACT
With the global adoption of cryptocurrencies, understanding how they are regulated and taxed is crucial for individuals and businesses navigating the evolving transactions in Nigeria. Before now, Nigerian legal system had struggled to keep pace with rapidly advancing technology.
However, with the enactment of the Investment and Securities Act 2025 (ISA 2025) and the Nigeria Tax Act 2025 (NTA 2025), there is a sense of clarity in classification of different types of digital assets, defining which regulatory bodies is responsible for what, taxation of digital assets and giving certainty to those who participate in the market.
A challenge identified in this article is that there is currently no dedicated digital law commission in Nigeria to oversee and regulate the intricacies of virtual assets and blockchain technologies.
The aim of this article is to contribute to the ongoing discuss on the need to better regulate one of the most transformative financial innovations of the twenty-first century.
The article recommends amongst others, the need for the creation of a specialized agency focused solely on digital assets to coordinate policies and oversee compliance.
Keywords: cryptocurrency regulation, blockchain governance, NRS digital asset taxation, CBN crypto ban, SEC digital assets, and crypto tax policy in Africa.
