Nigeria proposes new crypto regulation bill amidst rising adoption
According to Nigeria's Chairman for revenue services, the Federal Government will introduce a crypto regulation bill.
- Nigeria’s Federal government has made a bid to introduce crypto regulation and taxes.
- The legislation arises as crypto adoption in the country grows.
Over the past months, crypto markets have faced increased scrutiny from regulatory authorities.
Various countries, including Russia and Turkey, have instituted various regulations and reforms to govern crypto and digital assets, as reported earlier by AMBCrypto.
Now, Nigeria has joined the race with a new crypto bill.
Nigeria pushes for crypto regulation bill
On the 18th of August, Dr. Zacch Adedeji, Chairman of Federal Revenue Services, announced that the Federal government of Nigeria will present a crypto regulation bill to the parliament during the stakeholder’s engagement with the Senate and House Committee on Finance.
During his speech, he noted the role of crypto and its impact on the Nigerian community, adding that,
“We cannot run away from the cryptocurrency ecosystem because it is the in-thing. But as it stands in Nigeria today, there is no law that regulates cryptocurrency operations.”
The proposed law aimed to change the country’s revenue administration and simplify the existing tax laws.
It looks to control the crypto market and ensure that digital assets do not harm Nigeria’s economy by implementing taxes for crypto firms and services.
Rising crypto adoption in the country
This bill comes amidst the country’s increased adoption of cryptocurrencies. Notably, Nigeria’s crypto market revenues are estimated to hit $32.58 million in 2024.
Revenue for the crypto industry will surge by 12.66% to hit $52.49 million by 2028.
According to data from Statista, in Nigeria,
“The average revenue per user in the Cryptocurrencies market amounts to US$7.03 in 2024.”
This number is projected to grow further.
Also, the number of users will reportedly reach 6.32 million by 2028, with a 2.05% user penetration in 2024 and 2.25% by 2028.
Although crypto use and adoption in Africa is low, Nigeria is a major player. The country is second after South Africa in crypto use and market penetration.
