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In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning. As complex as cryptocurrencies are—whether as cash or as assets that generate returns—countries seem to be finding ways to control them, however they see fit. Nigeria wants to tax crypto and virtual asset transactions the moment they become income, rewards, or payments. South Africa, in another case study, has identified a pattern that could weaken its monetary control system: cryptocurrencies used for cross-border payments. It now wants to set up a capital-control guardrail. Freelancers who earn in crypto from foreign clients, this one directly affects you. Let’s dive in. Become smarter about tech and commerce in Francophone Africa, and the policies shaping them. Read our newsletter here first or subscribe below. Subscribe Nigeria issues crypto tax rules South Africa’s new rules for spam callers South Africa’s capital-control rules for crypto DR Congo walks back on digital tax proposal World Wide Web 3 Opportunities Cryptocurrency Nigeria wants to collect 1.5% on crypto stamp duty tax Image Source: Tenor Nigeria wants to tax crypto before creating a dedicated regulatory framework. In case you’ve lost track of how crypto regulation is faring in the country, here’s a quick recap: Virtual assets, including cryptocurrencies, are now legal in Nigeria. Under the Investment and Securities Act (2025), virtual assets were classified as securities, but since then, regulators seem to have stylishly moved away from that position. An executive order in July established the Virtual Asset Council, which is overseen by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigeria Revenue Service (NRS), the country’s tax authority. The move rounded off a process that first began in 2025. As part of that order, President Bola Tinubu said the country would release specific rules around taxation, with payment-like virtual assets now resting with the CBN, while digital assets that behave as securities fall under the SEC. The SEC has also opened its sandbox for digital asset investment platforms, the Accelerated Regulatory Incubation Programme (ARIP), to nine more firms. From the indications so far, the regulator appears to be targeting tokenisation players and operators or platforms that facilitate the exchange or distribution of tokenised products. Now you’re all caught up. The latest move from the NRS is the next step: making crypto transactions taxable. Under new guidelines, eligible crypto transactions will attract a 1.5% stamp duty, with registered virtual asset service providers (VASPs) required to deduct the levy from the digital asset being transferred before remitting it to the government. The taxman has always found a way to locate you. This time, it is saying it does not mind collecting its share in Bitcoin, USDT, or whatever digital asset is passing through the system. Now the question is: what’s stopping banks from touching crypto, too? Getting paid in cedis just got easier for African businesses operating in Ghana. Fincra now issues dedicated GHS virtual accounts to enable businesses to collect payments. See how Fincra GHS virtual accounts work. Policy South Africa is coming for spam callers with fines of up to $60,560 Image Source: Tenor The next time an unsolicited spam caller rings your mobile phone, heave a sigh of relief knowing that those (sometimes annoying) bugs could soon get what’s coming to them. What’s happening? Under the Consumer Protection Act, direct marketers in South Africa could get fined R1 million ($60,560) or 10% of their annual turnover, or whichever is greater, for unsolicited calls and violating the provisions in the Act. The amendments were gazetted in April by Parks Tau, South Africa’s Minister of Trade, Industry and Competition. What else? All direct marketers must register with the NCC and scrub their calling lists against the opt-out registry before contacting consumers. Registration opened in July 2026, and failure to comply could result in outright bans or hefty fines. Hardin Ratshisusu, the NCC’s acting commissioner, said the rules aim to protect consumers from “intrusive and unwanted direct marketing communication.” The scale of the problem is staggering. Truecaller data cited shows South Africans received 5.38 billion spam calls in just the first two months of 2026—roughly 86 million moments of intrusion daily. Spam call volume jumped 22.9% between January and May 2026 compared to the same period in 2025. The rules don’t operate in a vacuum. South Africa’s Information Regulator clarified that even consumers who don’t register on the opt-out registry remain protected under the Protection of Personal Information Act (POPIA), emphasising that telemarketers still need to receive consent before sending electronic marketing messages. While it sounds like a death knell for telemarketing, legitimate marketers can focus their energies on consumers who haven’t opted out. Zoom out: Spam call crackdowns are picking up steam globally, but in South Africa, enforcement is the name of the game. By tying fines to a percentage of turnover, the government is moving away from inconsequential penalties to a model where non-compliance is a serious financial risk. For consumers, it’s a long-awaited shield, and for the industry, it’s a push towards a more professional, consent-based era of marketing. Download PalmPay. Bank smarter. With PalmPay, you can bank with confidence. Enjoy seamless everyday banking with security features designed to help protect your money. Send money, pay bills, and manage your finances all in one app. Learn more. Cryptocurrency South Africa proposes reporting rules for offshore crypto transfers Image Source: Giphy In more crypto news, South Africa’s central bank has made it clear that sending crypto offshore is not just a crypto transaction; it’s the same as sending regular money across borders. On Monday, South Africa’s National Treasury and the South African Reserve Bank (SARB) released a draft manual for cross-border crypto activity, and the message is surprisingly simple: buying Bitcoin locally is one thing; moving it offshore is another. The key distinction: The draft framework says that buying crypto with rand through a licenced local Crypto Asset Service Provider (CASP), transferring crypto between local CASPs, or selling approved crypto holdings back into rand would generally be treated
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Every time someone buys Bitcoin, the stablecoin USDT, or another cryptocurrency in Nigeria, the government will take a share of the transaction — and it wants that tax remitted in the same digital asset being traded. New virtual asset tax guidelines issued by the Nigeria Revenue Service (NRS) on Monday impose a 1.5% stamp duty on token-to-fiat and fiat-to-token transfers. Rather than deducting the levy from a buyer’s bank account, registered crypto exchanges and other virtual asset service providers (VASPs) must withhold the tax from the digital assets credited to a buyer’s wallet before remitting it to the government. “Income tax deducted at source and stamp duty shall be remitted to the Service in the originating token of the transaction,” the tax authority said. The guidelines represent Nigeria’s most comprehensive attempt yet to bring cryptocurrency transactions into the country’s tax system. In addition to introducing a 1.5% stamp duty on eligible virtual asset transactions, they effectively turn crypto exchanges into tax collectors by requiring them to deduct taxes in digital assets before users receive their tokens. The framework also clarifies how income tax, value-added tax (VAT), and stamp duty will apply to activities including trading, staking, mining, and other virtual asset transactions. “These Guidelines are issued for the information and guidance of taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax consultants, financial institutions, and all persons engaged in Virtual Assets (VA) activities,” the NRS wrote. To illustrate how the levy works, the NRS noted: “User A pays ₦1,000,000 to acquire 1 BTC at a market price of ₦1,000,000 per BTC. Stamp duty at 1.5% = 0.015 BTC withheld from token credited to User A.” “Net BTC credited to User A = 0.985 BTC. Seller receives ₦1,000,000 in full. VASP remits 0.015 BTC to NRS. User A later sells 0.985 BTC at ₦2,000,000 per BTC (proceeds = ₦1,970,000). User A receives ₦1,970,000 in full. Buyer receives 0.985 BTC less 1.5% stamp duty = 0.970225 BTC.” The new rules go beyond the ₦50 ($0.037) stamp duty that already applies to electronic withdrawals of ₦10,000 ($7.33) and above. In January, exchanges such as Quidax notified users that the charge would apply to qualifying naira withdrawals under the Nigeria Tax Act (NTA) 2025. “We’d like to share a quick update regarding recent changes under the Nigeria Tax Act 2025 and how they affect your Quidax withdrawals,” Quidax told customers in an email on January 15, 2026. “Going forward, a ₦50 stamp duty charge will apply to any withdrawal of ₦10,000 or more.” The latest guidelines introduce a separate 1.5% stamp duty on eligible virtual asset transactions and extend to transactions facilitated through a VASP or other recognised intermediary, where the VASP or intermediary shall deduct and remit the applicable stamp duty. Where a virtual asset is used to settle a transaction that independently attracts stamp duty under the NTA, the applicable duty on the underlying instrument is also payable. For crypto users, the practical effect means buying digital assets now becomes more expensive. Every eligible transaction now carries a 1.5% stamp duty, while users may also incur VAT on exchange service fees and income tax where gains arise, depending on the nature of the transaction. True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks.
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Nigeria has issued its first formal framework for taxing virtual assets, setting out tax obligations for cryptocurrency users, exchanges, peer-to-peer (P2P) platforms, and other digital asset businesses as it moves to bring the fast-growing sector into the country’s mainstream tax system. In a public notice issued on Monday, the Nigeria Revenue Service (NRS) said it had published Guidelines on the Taxation of Virtual Assets, covering taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators and other participants in the digital-asset ecosystem. The framework requires taxpayers and service providers to maintain transaction records, file relevant tax returns, and determine taxable income using the fair market value of virtual assets on the date each transaction occurs. The guidelines also impose reporting, record-keeping and compliance obligations on virtual asset service providers (VASPs) and P2P marketplace operators for transactions conducted on their platforms, in line with the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025. It also goes beyond reporting requirements, outlining tax treatment for income gained from virtual asset activities, including gains made from selling digital tokens, payments received in virtual assets, mining rewards, staking income, decentralised finance (DeFi) rewards, and other forms of digital asset income. The move underscores the first substantive follow-through to President Bola Tinubu’s July 18 executive order establishing a coordinated framework for the regulation of virtual assets, signaling that Nigerian authorities are shifting toward a more comprehensive tax regime as the government seeks to build a $1 trillion economy by 2030. Push for compliance The tax authority said the framework is intended to provide “clarity, certainty, and consistency” in the administration of Nigeria’s tax obligations related to virtual assets, while promoting voluntary compliance and greater transparency in digital asset transactions. “All affected taxpayers and stakeholders are encouraged to familiarise themselves with the provisions of the Guidelines and ensure full compliance with the applicable tax obligations,” the agency said in a statement. Nigeria is one of the world’s most active cryptocurrency markets, with digital assets widely used for payments, remittances, hedging against currency depreciation and retail trading. The popularity of P2P platforms has made enforcement challenging for regulators seeking to monitor transaction flows and collect taxes. The framework could also increase compliance obligations for exchanges and other intermediaries operating in Nigeria, particularly around transaction reporting and customer record retention. The publication comes as governments across Africa and other emerging markets intensify efforts to bring cryptocurrency activity within existing tax, anti-money-laundering and financial-reporting frameworks. Kenya, one of East Africa’s largest cryptocurrency markets, gazetted its virtual asset laws on July 24, introducing clear operational rules for startups in and outside the country that target Kenyan users. For Nigeria, the guidelines could help broaden the country’s tax base as policymakers push to increase non-oil revenue and strengthen fiscal administration. True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.
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