Obinna Iwunna, the president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has expressed concerns about the implementation of the Finance Act, 2023, which introduced a 10% tax on gains from the disposal of digital assets, including cryptocurrencies. Iwunna criticized the premature introduction of the law and highlighted the ongoing issue with the Central Bank of Nigeria (CBN) instructing commercial banks not to facilitate financial transactions involving cryptocurrencies. He emphasized the need for clarity and enabling infrastructure before imposing taxes and called for a collective definition of cryptocurrency to develop appropriate policies, regulations, and taxation measures. Iwunna also stressed the importance of ensuring that taxation does not impede the growth of the cryptocurrency industry.

June 26 (Cointime) - Experts have cautioned that the lack of clarity surrounding the status of cryptocurrency in Nigeria may hinder the collection of newly-introduced taxes. The 2023 Finance Act has implemented a 10% capital gains tax on profits earned from the sale of digital assets from May 1, 2023. However, since cryptocurrency transactions cannot be monitored like bank transactions, tax authorities will have to rely on traders to self-report their profits.

June 15 (Cointime) - Nigeria has recently allowed banks and forex market actors to trade the nation's currency, the naira, freely. This move could have implications for crypto traders, as fluctuations in the value of the naira against other currencies, including cryptocurrencies, may impact the profitability of crypto trades. Increased volatility could result in wider bid-ask spreads, making it more expensive to buy or sell cryptocurrencies using the naira. To mitigate any possible negative effects of this new policy on the crypto market and the economy at large, the Nigerian government could introduce cryptocurrency policies to foster a more liquid and efficient trading environment.

Nigeria's Securities and Exchange Commission (SEC) has declared Binance's operations in the country illegal and ordered the exchange to stop soliciting Nigerian investors.

The Securities and Exchange Commission of Nigeria has declared Binance's operations in the country to be "illegal" and ordered the exchange to cease its activities. The agency warned Nigerians against investing in crypto assets and related financial products due to the high risks involved.

Nigeria has a complicated relationship with cryptocurrency, with citizens embracing it while the government remains opposed. The central bank has banned crypto transactions using bank accounts, citing concerns about inflationary risks and threats to financial stability. Despite this ban, almost half of the country's population, made up of young people, are currently using cryptocurrencies. The country was one of the first to launch its own Central Bank Digital Currency, but adoption has been slow as citizens prefer Bitcoin, Ethereum, and USDT. An amendment to the Investments and Securities Act 2007 bill proposed in December 2022 aims to recognize Bitcoin and cryptocurrency usage in the country.

European cryptocurrency exchange, WhiteBIT, has launched in Nigeria, aiming to revolutionize the country's crypto landscape and foster growth in the global cryptocurrency community.

Nigeria's National blockchain policy has been implemented, generating excitement and interest among the country's tech industry stakeholders. The policy provides a regulatory framework, instills investor confidence, drives market development, protects consumers, and fosters international collaboration. It has the potential to increase transparency, efficiency, and security in various industries such as finance, healthcare, and real estate, as well as creating new job opportunities and contributing to the growth of the Nigerian digital economy. Domineum, a blockchain-based platform, can leverage the policy to offer solutions for land registry, property management, identity management, and supply chain management, which can improve transparency and efficiency in these processes. Co-founder Mohammed Ibrahim Jega believes that Domineum's innovative solutions can drive the adoption and implementation of blockchain technology in Nigeria.

According to a recent study by Coingecko, the United States is leading the hype for meme coins in 2023, with Shiba Inu being the most popular coin, followed by Baby Doge Coin, Pepe, Floki, and Bonk. India is in second place, with Shiba Inu also being the most prominent coin, followed by Baby Doge Coin. Nigeria and Morocco are the only African countries featured in the top ten, with Nigeria ranking fifth and showing interest in lesser-known meme coins such as Floki and ArbDoge AI, as well as Dogelon Mars. Meanwhile, Morocco's interest is mainly focused on Dogecoin.

The Nigerian government has approved a national blockchain policy, which has been welcomed by the country's crypto community. The policy is expected to facilitate the development of Nigeria's digital economy and could have implications for governance and policy-making, digital identity management, e-payments and billings. The government has also instructed relevant regulatory bodies to create regulatory frameworks for the implementation of blockchain technology in different sectors of the economy. The policy has been praised for its comprehensive approach and potential to encourage innovation, investment and economic growth.