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Crypto Live News Today: February 19th
The crypto space is abuzz with updates from various corners of the globe. In a major development, Nigeria has lifted its ban on cryptocurrency transactions and replaced it with new tax and licensing rules. This move aims to boost revenue and mitigate digital asset risks.
As reported earlier, Nigeria initially imposed a ban in 2021 due to concerns over illegal financing. However, peer-to-peer trading led to a regulatory reversal, and the restriction was abolished in December 2023. The Securities and Exchange Commission (SEC) has since introduced rules, a licensing system for virtual asset service providers, and the Finance Bill 2022, which includes crypto taxes.
While this development may seem like a step forward, it also raises concerns about compliance costs potentially stifling innovation. This is in contrast to South Africa’s organized regulatory framework, which appears more conducive to growth.
We will be providing regular updates on this and other developments throughout the day. Stay tuned for further insights and analysis.
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Source: coinpedia.org
