Share this article
Nigeria Planning to Present Law to Tax Crypto by September: Report
Enacting the law would need the support of the National Assembly.
Updated Aug 19, 2024, 12:22 p.m. Published Aug 19, 2024, 12:19 p.m.
Make us preferred on Google
- Nigeria's tax-collection authority, FIRS, told lawmakers it intends to introduce a bill to tax crypto to parliament by September.
- "We just have to plan to regulate" crypto "in such a way that it is not injurious to the economic development of Nigeria," a report cited a senior official as saying.
Nigeria's Federal Inland Revenue Service (FIRS) plans to present a bill for taxing the crypto industry for approval by parliament by September, news outlet Punch Nigeria reported on Saturday.
Zacch Adedeji, executive chairman of the tax collection agency, revealed the plan at a meeting with the National Assembly's Senate and House Committee on Finances.
STORY CONTINUES BELOW
"The plan first is to have the law that regulates it, and that is why you see that we are here with the legislature, which will be the base of charging," Adedeji said.
Some authorities have claimed crypto was in part responsible for the country's currency, the naira, sinking against the dollar for more than a year. Central bank Governor Olayemi Cardoso also alleged that crypto exchange Binance allowed $26 billion of funds to leave the country untraceably last year, hitting tax revenues and triggering a series of events that led to the arrest of Binance executive Tigran Gambaryan.
Adedeji said that other places in the world were legislating to tax too.
"... so you just have to get ready for it because you can’t go away from it. So we just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria," he said, according to the report.
Last month, crypto exchange KuCoin said it was starting to collect VAT on transaction fees for Nigerian users.
Read More: Nigeria Drops Tax Charges Against Binance Executives
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Больше для вас
DeFi, ethics disputes remain in Senate crypto bill ahead of Jan. 15 vote
The Senate is approaching a potential markup that may advance crypto legislation to a vote, and industry insiders are amassing for a lobbying push this week.
Что нужно знать:
- The U.S. Senate is potentially as close as it's ever been to a crypto market structure law, as the Senate Banking Committee's chairman said the panel will be ready to mark up the latest draft next week.
- It's still unclear how much Democrats might push back against this timeline, considering most of the big-ticket disputes remain to be resolved between the parties.
- A negotiation document that emerged after a meeting among senators on Tuesday demonstrates that many of the Democrats' requests have potentially been satisfied, but key concerns over the ethics of senior government officials, the treatment of DeFi and the question of stablecoins offering yield still await answers.
- Crypto insiders will visit Senate offices this week to cheer on the negotiations.
Top Stories
