PANews reported on February 18 that according to Bloomberg, Nigeria is revising digital asset regulations to tax cryptocurrency transactions and digital transactions in order to increase government revenue. The Nigerian Securities and Exchange Commission (SEC) is formulating new rules to ensure that all compliant transactions conducted on regulated exchanges are included in the formal tax system. The bill on taxing cryptocurrency transactions has been submitted to the legislature and is expected to be passed this quarter.

The SEC acknowledged that cryptocurrency trading will bring in considerable tax revenue, but did not disclose the expected amount of revenue. In addition, the SEC also plans to expand the scope of cryptocurrency exchange licenses, allowing residents to trade on regulated centralized exchanges for better monitoring and taxation. It is expected that as regulatory measures are gradually implemented, investors will turn more to centralized exchanges for higher protection.