Nigeria Pushes for Centralized Cryptocurrency Regulation and Revises Tax Guidelines

Nigeria is implementing reforms to regulate and tax cryptocurrencies. President Bola Tinubu signed an executive order to address fragmented regulatory frameworks, aiming to harmonize oversight across financial authorities, tax agencies, and capital markets. The directive establishes a virtual asset committee comprising senior regulators to coordinate policy directions. While emphasizing that new regulatory bodies are not being created, the order mandates registration requirements based on business models and asset types to close regulatory gaps. Tax policy updates will align with digital asset regulations, with authorities already requiring crypto service providers to link transactions to taxpayer identifiers.