Nigeria moves to track and tax cryptocurrency transactions

The Nigerian government is planning to bring anonymous cryptocurrency transactions into its formal economic system under a new tax administration law, according to a report by TechCabal. The proposal would require local Virtual Asset Service Providers (VASPs) to submit monthly reports to tax authorities, detailing transaction types, dates, volumes, and customer information. This initiative is part of Nigeria's broader goal to increase its tax-to-GDP ratio from under 10% to 18% by 2027, with the government viewing the crypto market as a key potential source of revenue.