Loading article…
Nigeria Digital Assets Coalition pushes NRS to scrap 1.5% stamp duty and 1% withholding tax on crypto moves, favoring profit‑based tax to keep users on‑shore.
The Digital Assets Coalition (DAC) has formally asked Nigeria’s Revenue Service to abandon the newly proposed 1.5% stamp duty on every naira‑crypto conversion and the 1% withholding tax on crypto sales, arguing that taxing each transaction—whether profitable or not—will push users to offshore platforms and cut government revenue [1].
| At a glance | |
|---|---|
| Proposed stamp duty | 1.5% on every naira‑crypto conversion |
| Proposed withholding tax | 1% on total value of crypto sales |
| Guideline release date | August 3 (NRS) |
| Coalition’s preferred model | Tax profits only, not transaction volume |
The coalition’s position paper, Tax the Profit, Not the Movement of Money, says the 1.5% stamp duty and 1% withholding tax would apply even when investors incur losses or merely move funds, inflating costs far beyond typical exchange fees. It warns that ordinary Nigerians—families sending remittances, small importers, freelancers paid in stablecoins, and students earning modest crypto rewards—could face double taxation on already‑taxed income, eroding the sector’s appeal [1].
DAC points to India, Kenya and Turkey, where similar transaction taxes either failed to generate expected revenue or were later repealed after driving trading offshore. By contrast, the United Kingdom, South Africa and Brazil tax only the gains from crypto investments, a model DAC says would sustain revenue and keep activity within the formal economy. Its recommendations include postponing the guidelines, widening stakeholder consultations, removing transaction taxes, collecting taxes solely in naira, and preserving registration and reporting obligations for exchanges [1].
The coalition’s push highlights a tension between revenue goals and the need to nurture Nigeria’s fast‑growing crypto ecosystem. Whether the NRS adopts a profit‑only tax model or proceeds with the transaction levies will shape the sector’s future compliance and its contribution to the national treasury.
Coverage is mostly measured — 184 of 190 reports stay neutral.
Every Monday — the token unlocks, Fed dates & catalysts set to move crypto and markets this week. So you’re never blindsided.
Free · 3-min read · one-click unsubscribe
AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Aug 6, 2026 · How we report
The goal is to make purchasing crypto easier by allowing users to utilize familiar local payment habits, such as mobile wallets or instant-payment systems, rather than relying on international rails.
The partnership provides merchants with the infrastructure to accept stablecoin payments, offering a fast and flexible way to transact using on-chain money while managing conversion and settlement.
No, ZeroHash accounts are not subject to FDIC or SIPC protections, or any equivalent protections that may exist outside of the United States.
Paybis supports over 20 local and international payment methods, including PIX, M-Pesa, Webpay, BLIK, SPEI, and MB WAY.