A critical assessment of the regulation of cryptocurrency in Nigeria.
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Date
2024
Authors
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Publisher
Faculty of Law, University of South Africa.
Abstract
Over the years, there has been a tremendous increase in the use of
cryptocurrency as a virtual means and form of payment worldwide.
However, in recent years, there has been a steady increase in the use of
cryptocurrency for illicit and criminal activities such as money
laundering, financing terrorism, and other illegal activities. In addition,
the virtual nature of cryptocurrency creates opportunities for tax
evasion, thereby constituting a serious tax challenge for countries. This
makes it necessary for countries to put in place measures to regulate
cryptocurrency to prevent its use for illicit and criminal activities.
Various countries have established certain measures and legislations to
regulate the use of cryptocurrency. The objective of this article is to
examine the nature of cryptocurrency as well as its regulation in some
selected jurisdictions. The paper will also examine how cryptocurrency
is currently regulated in Nigeria.
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Citation
SA MERCANTILE JOURNAL 36(3) 457-480