Nigeria Enacts Finance Act 2023: Introduces 10% Tax on Digital Asset Gains

Former Nigerian President Muhammadu Buhari signed the Finance Act, 2023 into law, introducing tax reforms including a 10% tax on gains from digital asset disposal. The legislation aims to enhance fiscal transparency, boost revenue, and bring digital assets like cryptocurrencies under taxation. Local crypto experts believe that taxing cryptocurrencies is a step towards recognizing them as legitimate assets and integrating them into the financial system. However, challenges remain, such as valuation, transaction tracking, and international complexities. Governments need clear guidelines, education, and support to ensure effective implementation. Cooperation with crypto exchanges is crucial for tracking capital gains and identifying taxpayers.