Nigeria Introduces Stamp Duty on Crypto Transactions, Sparking Industry Concerns

New Nigerian tax rules impose stamp and withholding duties on digital assets. Industry groups warn this may drive activity off-platform and burden high-volume retail users.

Woofun AI reports that Nigeria’s tax authorities have implemented regulations imposing stamp and withholding taxes on cryptocurrencies, stablecoins, NFTs, and other virtual assets. The framework permits companies to settle tax liabilities using digital assets instead of the naira.

Obinna Iwuno, representing the Digital Assets Coalition, stated that the measures could shift trading away from regulated platforms and compel exchanges to function as tax collectors. He advocated for taxing profits rather than capital flows, noting that the current structure places a heavy burden on one of the world’s most liquid user bases.