Crypto
Nigerian crypto tax move is ‘premature’ — Local stakeholders
The president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Obinna Iwunna, has commented on the implementation of the Finance Act, 2023, which was signed into law on May 28. According to Iwunna, the successful execution of the law will be challenging due to its premature introduction.
The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including cryptocurrencies.
In a Cointelegraph interview, Iwunna criticized implementing a 10% tax on cryptocurrencies in the current uncertain climate, likening it to putting the cart before the horse. He highlighted the ongoing issue with the Central Bank of Nigeria (CBN) instructing commercial banks not to facilitate financial transactions involving cryptocurrencies.
As commercial banks still cannot process cryptocurrency transactions, he questioned how taxing something not recognized or defined is possible, emphasizing the need for clarity and enabling infrastructure before imposing taxes. In support of this, Iwunna referenced how Nigeria’s National Information Technology Development Agency (NITDA) defined blockchain technology through a collaborative effort and formulation of a national policy.
Just read that very soon you all will start paying taxes on your crypto and Forex profits in Nigeria.
10% of your capital gains goes to government . What are we going to get in return?
— CryptoLord NE (@CryptoDefiLord) June 8, 2023
Iwunna stressed cryptocurrency involves security, currency and technology, overseen by the Nigerian Securities and Exchange Commission (SEC), the CBN and NITDA, respectively. Each entity has a specific role to play, but a comprehensive and unified understanding of cryptocurrency is crucial. Once a collective definition is established, policymakers can develop appropriate policies, regulations and taxation measures.
When asked if Nigerian crypto stakeholders have approached the SEC and CBN with their concerns, Iwunna confirmed that they have reached out and are currently awaiting a response. While some discussions have taken place, no definite decisions have been made.
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Acknowledging the government’s aim to broaden the tax base, Iwunna stated that it is important to ensure that taxation does not impede the growth of the cryptocurrency industry. Clarity is sought regarding the implications of taxation and its connection to the recognition of cryptocurrency and associated procedures.
According to Iwunna, the lack of consultation, as observed during the e-naira launch, may hinder the adoption of the tax laws. Had there been collaboration with the digital assets ecosystem, the e-naira could have seen rapid adoption by millions of Nigerians.
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North American Derivatives Exchange, Inc. (Nadex) has self-certified the terms and conditions for its new TRUMP Cryptocurrency Event Contracts.
The Exchange intends to list the TRUMP Crypto Event Contract for trading on or after January 31, 2025.
The TRUMP Crypto Event Contract will include Intraday Contracts and will be structured in the same way as the Exchange’s currently listed event contracts for Forex.
Nine strike levels will be generated for the TRUMP Crypto Event Contract. The Expiration Value for the TRUMP Crypto Event Contract will be the Index Value as specified in the Contract’s product specifications.
Like all of the Exchange’s Event Contracts, the TRUMP Crypto Event Contract will have a settlement payout range from $10 to $100, or a payout of $0. The TRUMP Crypto Event Contract will be listed at 11:00 pm ET on the Start Date, or at the Expiration of the previously listed Event Contract and will cease trading upon expiration.
The Exchange has at least one dedicated Market Maker who is committed to providing liquidity for the TRUMP Crypto Event Contract.
The LDF is distributed and maintained by Lukka, Inc., using the principles set forth in the IOSCO Principles for Financial Benchmarks. The LDF is disseminated to major market data vendors on a one-second frequency.
The crypto market has been surging since the end of 2024, driven by the general shift in the outlook on crypto towards positive. This rally has reignited investor interest, with altcoins and new projects experiencing significant traction.
The overall market sentiment has been at its most bullish in years, and the regulatory environment is increasingly favoring cryptocurrencies – and with Donald Trump re-entering the presidential office, this rings even more true.
Government regulators seem to be leaning toward fostering innovation rather than restricting it, and institutional adoption is growing. This combination of market growth and political favorability is creating an environment where new projects have immense potential.
Due to these favorable conditions, now could be the time to identify the top new cryptocurrencies with the highest potential. Below we look at four new crypto coins that could be set to explode this February.
Solaxy ($SOLX) aims to become the world’s first Solana Layer-2 blockchain, promising to deliver lightning-fast transaction speeds and customized solutions. It aims to address Solana’s major issues, including network congestion, scalability limits, and failed transactions. Solaxy’s native token, $SOLX, has already raised an impressive $15.9 million in presale, proving strong investor demand. The key innovation of Solaxy is its off-chain transaction processing, which reduces the burden on Solana’s Layer-1 and prevents network slowdowns. By utilizing rollups, Solaxy ensures that transactions remain fast, seamless, and uninterrupted, even during peak congestion times.
PRICE IS GOING UP! YOU BETTER GET IN NOW!
Beyond speed, Solaxy is highly scalable, making it ideal for meme coins and high-volume transactions. Its fully customizable infrastructure allows developers to build and optimize dApps without the limitations of Solana’s mainnet. The ability to bundle transactions further enhances efficiency, keeping costs low and throughput high.
$SOLX can also be staked to generate an impressive dynamic APY (annual percentage yield) of up to 249%. So far, 4.5 billion out of the entire 138.046 billion supply is staked. This strong staking incentive makes it a potentially highly lucrative asset for long-term holders.
Visit Solaxy Best Wallet Token ($BEST) is designed to power the Best Wallet ecosystem, offering users a range of benefits and utilities. In its presale, $BEST has already raised $8.5 million, making it one of the most anticipated launches in the space.
One of the biggest advantages of $BEST, apart from being part of an already successful ecosystem, is its ability to reduce transaction fees for its holders. Additionally, holders gain early access to new projects and presales at Stage 0, providing a major advantage in securing high-potential investments before they become publicly available.
BestWallet Is The Best Crypto Wallet And Hottest Crypto Launchpad Of 2025!
The token also plays a vital role in governance, allowing holders to vote on key decisions within the ecosystem. Staking rewards are significantly enhanced for $BEST holders, making it a valuable asset for those looking to maximize their returns.
The token’s supply is capped at 10 billion, with 127 million tokens currently staked, delivering a live APY of up to 209%. Best Wallet also offers an airdrop program where users can earn $BEST tokens by completing daily or weekly quests, further incentivizing engagement. Currently, $BEST is priced at $0.023775 in presale. Visit Best Wallet Token
Official Trump ($TRUMP) launched on January 17, 2025, and within hours, it reached a market cap of $15 billion. The token hit an all-time high of $73 before correcting to its current price of $27.4, with a market cap of $5.4 billion and a 24-hour trading volume of $2.7 billion.
This token is unique because it is the official meme coin of the 45th President of the United States, Donald Trump. Following the success of $TRUMP, Melania Trump, the First Lady, launched her own token, $MELANIA, further fueling speculation that political figures could drive future crypto trends.
$TRUMP remains highly volatile but offers significant potential for high returns. The strong backing from Trump’s supporters and political influence makes it a token to watch, especially with speculation that government policies could favor its growth.
With major price swings and immense trading volume, $TRUMP presents an opportunity for traders looking for high-reward investments.
Popcat ($POPCAT) is a meme coin inspired by the viral internet sensation featuring a cat named Oatmeal. The token was launched in December 2023 on Raydium and quickly gained traction with the meme coin community. Despite being 82% below its ATH of $2.05 (reached in November 2024), Popcat remains one of the most exciting meme coins in the market. Currently priced at $0.36 with a market cap of $359 million, Popcat trades 9,500% above its lowest price of $0.0037 per token.
Its popularity is fueled by its strong online presence and dedicated community. Unlike many meme coins that lack real utility, Popcat has positioned itself as more than just a joke. Its ecosystem aims to integrate with online platforms and gaming communities, leveraging its meme status to drive widespread adoption.
With high trading volume and a proven history of reaching new highs, Popcat is a solid contender for explosive growth. If meme coin trends continue, it has the potential to reclaim its ATH and beyond.
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Solaxy ($SOLX)
Best Wallet Token ($BEST)
Official Trump ($TRUMP)
Popcat ($POPCAT)