Nigeria's crypto Tax &Influencer Law, is it a Turning point?
Lately, there’s so much changing in our crypto world especially here in Nigeria and it really got me thinking 🤔.
First up, the government plans a 10% tax on crypto gains. I read about it on Reddit someone explained the 2023 Finance Act will actually tax capital gains from crypto trades soon For me, it’s both exciting and scary. Exciting because it means crypto is becoming real and legit. Scary because taxes can scare away small traders who just want to earn a bit. Will we all flee into underground P2P again? That is the question.
Second, the SEC is now regulating crypto influencers. By June 30, 2025, any influencer promoting a crypto platform must disclose if they are paid and if not, they face a ₦10 million fine or up to 3 years in jail I feel this is necessary, honestly. A lot of times I see “promotions” that look shady, and I wonder who is paying for them and what happens when people lose money. It's good we ask for transparency.
There is also talk that the Senate wants to regulate crypto fully, making platforms follow rules like banks do . And the IMF is pushing Nigeria to license global crypto platforms and force them into AML/KYC compliance.All these layers tell me the government is not ignoring crypto anymore,they are trying to shape it.
For me, these changes add more confidence. I saw too many friends lose their money to scams. I read that Nigeria is num 2 in global crypto adoption, but also full of P2P fraud . That means while we love crypto, we also get targeted by scammers. So regulation, yes if it protects us.
But I worry that small traders like me might be left behind. What if taxes are too high? Or licenses too expensive? Maybe innovators leave, or small startups never start. We need balance: protection, but also space to grow and experiment.
My favorite part of crypto is using it to earn in new ways like micro earning, saving value with stablecoins, or exploring new tokens. I don’t want all of that to disappear. I just want transparency and trust.
So here’s what I want to ask this community:
- What do you think about the 10 % tax? Do we welcome it or fear it?
- Will the influencer law change how people promote crypto on social media?
- How can we support regulation that protects small traders,but doesn’t scare away innovation?
These are big changes, but also big opportunities. We can lead the way for crypto in Africa if we get this right.
I’m excited and nervous at the same time,but mostly hopeful. If we talk more, share feedback, and hold each other accountable, maybe this is exactly how crypto grows from wild west to real world utility.
Would love your thoughts!
Hamidu yetunde ❤️🩷🧡