The United Nations Conference on Trade and Development has said financial regulation of cryptocurrencies through exchanges, digital wallets, and decentralised finance will enable global authorities to tax digital assets.

The agency said balances presently kept in crypto were untaxed, and most developing countries did not have tax regulations on digital currencies, enabling owners to evade and avoid tax payments.

It disclosed this in its Policy Brief No. 102 titled, ‘The cost of doing too little too late: How cryptocurrencies can undermine domestic resource mobilisation in developing countries.’

UNCTAD explained that while crypto could facilitate remittances, it could also enable tax evasion or avoidance through offshore flows whose ownership is not easily identifiable, curbing the effectiveness of capital controls, a key instrument for developing countries to preserve their policy and fiscal space and macroeconomic stability.

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It said, “Cryptocurrencies share all the characteristics of traditional tax havens — the pseudonymity of accounts, and insufficient fiscal oversight or weak enforcement.

“The key difference is that international transfers of cryptocurrencies do not rely on banks or related legal and accounting services. Instead, cryptocurrency transactions are often channelled through unregulated crypto exchanges. Hence, cryptocurrencies are under-regulated, enabling individuals to bypass tax authorities’ efforts to address offshore tax evasion. In effect, cryptocurrencies can serve as tax havens version 2.0 or super tax havens.”

It further stated that despite the recent regulatory tightening in developed countries, most developing countries did not have tax regulations on crypto, with regard to the legal status of the private digital currencies.

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1,247 thoughts on “UN urges Nigeria on crypto regulation”

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