Nigeria's $92B Crypto Market Faces Tax Storm as Banks Pivot to Alternative Lending

Nigeria's new virtual asset tax framework has triggered alarm across the fintech ecosystem, with the Digital Assets Coalition warning the $92 billion crypto market could face reduced investment and slower expansion. The Nigeria Revenue Service's guidelines introduce a layered tax structure — 1.5% stamp duty on every virtual asset transaction, a 1% withholding tax on disposals, income tax on realised gains, and VAT on exchange fees. A ₦1 million Bitcoin purchase now immediately...