According to CoinMeta, the Nigerian Tax Service has issued detailed cryptocurrency taxation rules, requiring exchanges and P2P market operators to collect, report, and remit taxes generated from virtual asset transactions. Under the new regulations, platforms must deduct 1% in taxes from the proceeds of disposing of taxable cryptocurrencies, security tokens, and applicable non-fungible tokens as a prepayment to the taxpayers' final income tax bills. Stablecoin transactions are exempt from this 1% deduction requirement, but it does not rule out other possible tax obligations. The new regulations also stipulate that a 1.5% stamp duty must be paid on transfers between fiat currency and tokens. Nigeria no longer considers all cryptocurrency profits as independent 10% capital gains; instead, the proceeds from the disposal of digital assets are included in taxable income.