Revenue agency introduces fresh compliance guidelines for crypto users, virtual asset firms and P2P platforms under Nigeria’s new tax laws……
The Nigeria Revenue Service (NRS) has rolled out new guidelines outlining how virtual assets, including cryptocurrencies, will be taxed in Nigeria, marking a significant step in the government’s drive to regulate the country’s expanding digital economy.
The framework, issued on Monday, provides detailed guidance on the tax obligations of individuals, businesses and digital asset service providers operating within the virtual asset ecosystem in line with the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025.
According to the agency, the guidelines are targeted at taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax professionals and anyone involved in virtual asset transactions.
In a public notice announcing the development, the NRS said the new framework establishes clear procedures for the taxation of virtual assets and is intended to eliminate uncertainty around tax compliance in the sector.
The guidelines spell out key obligations, including taxpayer registration requirements, reporting responsibilities, record-keeping standards, valuation methods and the tax treatment applicable to various virtual asset transactions.
The agency explained that the initiative forms part of its broader efforts to modernise tax administration as cryptocurrencies and other digital assets become more widely adopted across Nigeria’s financial landscape.
According to the NRS, the framework is designed to improve clarity, consistency and certainty in the administration of tax laws relating to digital assets while encouraging voluntary compliance among taxpayers.
It added that the guidelines are expected to strengthen transparency in the sector and contribute to the development of a fair and efficient tax system for virtual asset transactions.
The Service urged all affected individuals and organisations to study the new provisions carefully and ensure they comply fully with their tax obligations under the law.
It also disclosed that the complete guidelines have been published on its official website for public access.
The latest framework represents another milestone in Nigeria’s evolving approach to regulating cryptocurrencies and other digital assets. While authorities previously adopted restrictive measures toward crypto-related activities, recent reforms have shifted towards creating a more structured legal and regulatory environment for the industry.
The release of the guidelines follows the implementation of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, both of which introduced extensive reforms to the country’s tax system, including provisions addressing emerging sectors such as virtual assets.
With the new framework in place, the government is expected to strengthen tax compliance, improve revenue generation and provide greater regulatory certainty for businesses and investors participating in Nigeria’s fast-growing digital asset market.
