Nigeria is currently amending its regulations to allow for the taxation of cryptocurrency transactions and digital trades.

BlockBeats News, February 18th, according to Bloomberg, Nigeria is in the process of modifying regulations to allow for the taxation of cryptocurrency transactions and digital trades, aiming to increase fiscal revenue.

The Nigerian Securities and Exchange Commission stated that the agency is developing new rules to "ensure all eligible transactions are able to enter regulated exchanges and become part of the formal tax economy."

Currently, bills regarding the taxation of cryptocurrency transactions and the introduction of other taxes have been submitted to legislators and are expected to be passed this quarter.