The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines for use of an administrative structure for the tax of cryptocurrencies and other virtual assets in Nigeria.
These guidelines are for taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators and other individuals involved in the digital asset ecosystem. The framework addresses registration, reporting, record-keeping, the valuation of virtual assets and treatment of transactions involving transferable virtual assets.
The NRS said, the guidelines would serve as a tool that will bring clarity and uniformity in the administration of existing tax regulations of the country, as the digital asset market in Nigeria grows.
Related News: Mr P’s Solo Run Gains Steam With 1M YouTube Subscribers, 3,000 Caps Sold
The agency further explained that the framework aims to foster voluntary compliance with compliance, further transparency, and a more predictable tax environment for tax reporting on digital asset businesses and assets.
The new framework is in addition to the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025. The Tax Administration Act not only mandates the registration of taxable persons carrying on virtual asset activities, exchange, trading, custodial and issuance of virtual asset, but also establishes the requirements for Virtual Asset Exchanges and Virtual Asset Trading Platforms to be registered as legal persons.
The Tax Administration Act, on its part, establishes both the registration requirements of taxable persons that turnover in exchange, trading, custody and issuance of virtual assets, and the Virtual Asset Exchanges and Virtual Asset Trading Platforms as legal persons.
Related News: Osun Poll: Over 25,000 Security Personnel Deployed Across State
The Guidelines cover the following areas:
According to the framework, taxable virtual asset transactions encompass the following: the sale, exchange or transfer of virtual assets; any form of income resulting from virtual asset mining and staking activities. Anti-money laundering measures are in place with regulations that likely cover a wide range of virtual assets that might be considered as compensation or rewards, airdrops or bounties.
The guidelines also cover transactions conducted with Stablecoins, non-fungible tokens (NFTs), decentralised finance (DeFi) rewards, mining and staking. Savings derived from any virtual asset in the form of a salary, professional fees or waifa (compensation) shall be deemed to be valued at the fair value of the virtual asset at the time they are received and taxed pursuant to the provisions of the Nigeria Tax Act.
The NRS indicates that for NFTs, the income generated by the creators from NFT sales will be considered business income while the income generated by an NFT investor from the disposition of an NFT held as an investment will be taxed under applicable virtual asset rules.
Related News: Heirs Life Names Pastor Jerry Eze to Board as Independent Director
The framework also imposes uniform tax treatment on payments made using virtual currency in a transaction where the transaction is settled with the payment of goods or services adjusted to the value of the transaction applying the respective market price at the time of the payment.
A new Compliance Burden for Crypto Platforms?
The new regime imposes compliance obligations on VASPs and operators of P2P marketplace operators. These include withholding of applicable taxes, collection of stamp duty if necessary, keeping VAT records, filing statutory returns and keeping proper books and records and submitting taxes on time.
The guidelines will also recommend a ₦10 million administrative fine for each VASP and P2P operator for the initial month of default and ₦1 million for each month thereafter that the operator does not comply with, until they become compliant.
Related News: Tensions Rise as Four APC Members Reportedly Shot in Ilesa: Osun Governorship Election
Failure to fulfil the obligations of registration, returns, record-keeping and tax deductions are subject to various penalties.
Non-registration carries costs of N25 000 per month after the first month for Registration cost €50 000. For companies, violation of keeping book and records will be met by ₦50,000 and for individuals, the same will attract ₦10,000. Guidelines also lay out penalties for unfiling returns and also for not withholding taxes at source.
Penalties are not without prejudice to any other penalties, interest and/or offences that may be available under the Nigeria Tax Administration Act or other pertinent legislation, the NRS said.
A big change in the Digital Asset Market of Nigeria.
The guidelines form another major leap for Nigeria to make the growing virtual asset economy formal and under tax.
The move is part of a wider suite of measures to establish a harmonised approach for the regulation of digital assets. The President, Bola Tinubu, signed a virtual asset co-ordination executive order on July 17th, 2026, to streamline digital asset regulation and address financial crimes, reports Premium Times.
Related News: Tensions Rise as Four APC Members Reportedly Shot in Ilesa: Osun Governorship Election
The new rules are putting an increased emphasis on record-keeping, proper trading transaction values and documentation for all P2P operators, record-keepers, crypto exchanges, investors and traders. The NRS has asked relevant stakeholders to research the guidelines and ensure they meet their relevant tax requirements.
The development also reflects the general shift in Nigeria’s attitude towards cryptocurrencies, moving beyond their financial regulatory and risk management focus to their integration into the country’s tax administration framework.
