Nigeria is amending regulations to allow taxation of cryptocurrency and digital transactions

On February 18th, according to Bloomberg, Nigeria is amending regulations to allow for taxation of cryptocurrency and digital transactions in order to increase government revenue. The Nigerian Securities and Exchange Commission stated that the agency is developing new rules to "ensure that all qualifying transactions are able to enter regulated exchanges and be included in the formal tax system," the agency said in an email response to questions. Currently, bills regarding taxation of cryptocurrency transactions and introduction of other taxes have been submitted to legislators, with passage expected this quarter.