Nigerian crypto tax move is ‘premature’ – local stakeholders
Industry stakeholders seek clarity regarding the implications of taxation and its connection to the recognition of cryptocurrency and associated procedures. The president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Obinna Iwunna, has commented on the implementation progress of the Finance Act, 2023, signed into law on May 28. According to Iwunna, the successful execution of the law will be challenging due to its premature introduction. The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including crypto currencies. In a Cointelegraph interview, Iwunna criticized the idea of implementing a 10% tax on cryptocurrencies in the current uncertain climate, likening it to putting the cart before the horse. He highlighted the ongoing issue with the Central Bank of Nigeria (CBN) instructing commercial banks not to facil...