Crypto users could also pay a 1% withholding tax when disposing of most cryptocurrencies, income tax on realised gains, and Value Added Tax (VAT) on exchange service fees. The purchase attracts a 1.5% stamp duty of 0.015 BTC (₦15,000/$11.01), leaving the buyer with 0.985 BTC (₦985,000/$722.91). Depending on the taxpayer’s applicable income tax band under the guidelines, the income tax can rise to 25%. In practice, a straightforward virtual asset investment will now involve:Transaction Stage Tax Exchange service 7.5 % VAT on exchange fees Stamp duty 1.5% stamp duty Dispose of crypto 1% withholding tax Taxable gains Income taxThis is not Nigeria’s first attempt to tax virtual assets. Selling them triggers withholding tax and, where profits are realised, income tax.