Dantown executives have proposed a fixed-fee alternative to Nigeria’s new 1.5% crypto stamp duty, arguing that a more predictable structure could generate revenue for the government while keeping regulated digital asset activity accessible to users and businesses.
The position follows the Nigeria Revenue Service’s new Guidelines on the Taxation of Virtual Assets, which introduce a 1.5% stamp duty on eligible virtual asset transactions. Under the guidelines, registered Virtual Asset Service Providers (VASPs) are required to withhold the levy from the digital asset credited to buyers and remit it to the government.
For Dantown CEO, Chimene Chinah, the concern goes beyond the immediate cost to users. Nigeria’s blockchain industry is still relatively young, he noted, and policy decisions made today could determine whether the sector becomes a significant contributor to jobs, investment and tax revenue.
“Nigeria is sacrificing its future gains for a plate of porridge today,” he said, arguing that Nigeria should adopt policies that give the industry room to mature.
Goodnews Igwe, Thoth Group/Dantown Group CEO, similarly advocated for a structure that balances government revenue with the need to keep regulated platforms accessible to users.
