Nigeria wants to collect 1.5% crypto stamp duty in Bitcoin, USDT
Every time someone buys Bitcoin, the stablecoin USDT, or another cryptocurrency in Nigeria, the government will take a share of the transaction — and it wants that tax remitted in the same digital asset being traded.
The Nigeria Revenue Service (NRS) has announced plans to impose a 1.5% stamp duty on various cryptocurrency transactions in the country. This new tax guideline, issued on Monday, aims to bring digital asset transactions under Nigeria's tax system. Registered crypto exchanges and virtual asset service providers (VASPs) will be required to deduct the tax from digital assets credited to buyers' wallets before remitting it to the government.
The tax will be paid in the same digital asset as the transaction. The guidelines also clarify how income tax, VAT, and stamp duty will apply to activities such as trading, staking, and mining. The new rules extend the existing ₦50 ($0.037) stamp duty on electronic withdrawals of ₦10,000 ($7.33) and above. While the upfront cost of buying digital assets will increase due to the 1.5% stamp duty, users may also face additional costs in the form of VAT on exchange service fees and income tax on gains, depending on the nature of the transaction.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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