The Nigerian government's long-running hostility towards the crypto industry seems to be abating. Nigeria is preparing a crypto tax proposal, and the country's Securities and Exchange Commission (SEC) has granted its first official licenses to two crypto exchanges, Busha and Quidax.

However, this apparent shift may not represent a true change in the government's stance. In 2021, Nigeria banned commercial banks from servicing crypto firms, and officials have since taken actions that have disrupted the crypto industry, including blocking access to Nigerian exchanges and detaining Binance executives.

According to officials, the crypto market is largely to blame for the country's currency woes, not the eye-watering inflation, fiscal mismanagement and social unrest. The National Security Adviser has even classified crypto trading as a national security issue. The article suggests that the recent licensing and tax proposals may be more about control and oversight than a genuine embrace of the crypto industry.

Source: https://www.coindesk.com/opinion/2024/09/04/nigerias-crypto-thaw-not-what-it-seems/

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