The Nigerian government has introduced new taxation guidelines for cryptocurrencies and other virtual assets, marking a major step toward regulating the country’s fast-growing digital economy. The Nigeria Revenue Service (NRS) announced the framework to provide clearer tax rules for crypto users, Virtual Asset Service Providers (VASPs), peer-to-peer marketplace operators, and other players within the virtual asset industry.
The new guidelines follow President Bola Tinubu’s signing of the Presidential Executive Order on Virtual Assets Coordination, 2026, which aims to create a more organised digital asset regulatory system and reduce financial risks associated with virtual transactions. According to the NRS, the framework establishes rules covering tax registration, reporting, record keeping, asset valuation, and the treatment of income generated through digital assets.
Under the new regulations, cryptocurrency businesses and platforms that fail to meet their tax obligations could face significant financial penalties. Virtual Asset Service Providers and P2P marketplace operators who default on compliance requirements will pay an administrative penalty of N10 million for the first month of violation, followed by N1 million for every additional month until the issue is resolved.
The guidelines also introduce specific tax rules for different categories of virtual assets, including cryptocurrencies, stablecoins, and digital tokens linked to financial or investment rights. The NRS stated that crypto assets received as salaries, professional fees, staking rewards, mining income, or decentralised finance (DeFi) incentives will be valued at their market price when received and treated as taxable income.
For NFT creators and investors, the tax authority clarified that income from NFT sales will be treated as business earnings, while profits made from selling NFTs held as investments will attract applicable taxes. The NRS said the new framework is designed to improve transparency, encourage voluntary compliance, and ensure Nigeria’s expanding virtual asset sector contributes to national revenue while operating under clear tax regulations.
source: premiumtime
