The Nigeria Revenue Service (NRS) has released comprehensive guidelines on the taxation of virtual assets, introducing a regulatory framework for cryptocurrency and other digital asset transactions under the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
Key Highlights:
- NRS issued new tax guidelines for cryptocurrency and virtual assets.
- Rules cover registration, reporting, record-keeping, and valuation.
- Applies to VASPs, P2P platforms, taxpayers, and digital asset users.
- Framework aims to improve compliance, transparency, and certainty.
- Guidelines are available on the NRS official website.
The new guidelines are targeted at taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners, and individuals involved in virtual asset transactions as part of efforts to strengthen tax compliance within Nigeria’s expanding digital economy.
In a public notice issued on Monday, the NRS announced that the guidelines provide a clear administrative framework for the taxation of virtual assets in the country.
According to the agency, the framework outlines tax obligations relating to registration, reporting, record-keeping, valuation principles, and the treatment of virtual asset transactions in line with existing tax laws.
The NRS said the guidelines are intended to provide clarity, certainty, and consistency in the administration of tax laws governing the rapidly evolving virtual asset ecosystem.
It noted that the initiative is aimed at promoting voluntary compliance, improving transparency, and supporting the development of a fair and efficient tax regime for digital asset transactions.
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The Service urged all affected taxpayers and stakeholders to familiarise themselves with the new provisions and comply fully with their tax obligations.
It added that the guidelines are available for download on its official website.
The issuance of the framework marks another step in Nigeria’s evolving regulation of digital assets following the enactment of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, which introduced reforms covering emerging sectors of the digital economy.
The NRS said the reforms are expected to strengthen tax administration, improve government revenue generation, and provide greater regulatory certainty for businesses and investors operating in Nigeria’s virtual asset ecosystem.
