Tax the Profit, Not Movement of Money, Digital Assets Coalition Tells FG

Crypto tax: Coalition warns FG of $92bn market risk

Nigeria imposed crypto taxes (1.5% stamp duty + 1% withholding, Aug 3) on a $92bn market; operators warn users will flee to offshore platforms, cutting compliance. Taxing transaction flow instead of profit mirrors India and Kenya—both saw trading collapse—showing how poor regulatory design kills compliance and accelerates offshore shift.