Nigeria’s former President Muhammadu Buhari Introduces tax reforms on digital assets in Nigeria.
Another local crypto expert, who prefers to stay anonymous said that the taxation of cryptocurrencies can be challenging due to the unique nature of digital assets, such as valuation, tracking transactions and international complexities. Governments need to establish clear guidelines and provide adequate education and support to taxpayers in return. This point of view seemed to be supported by more crypto ethusiaists.
Just read that very soon you all will start paying taxes on your crypto and Forex profits in Nigeria.June 8, 2023 In many cases, governments do require the cooperation of crypto exchanges operating within their jurisdiction to track users' capital gains. By working with exchanges, authorities can access transaction data and identify individuals or entities for tax purposes. However, the level of cooperation and specific regulations vary from country to country.
Cointelegraph reached out to Binance Africa for comment but didn’t get a response by the time of publication.
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