The Nigeria Revenue Service (NRS) has introduced a major policy change that will reshape how Nigerians access cryptocurrency platforms. Under newly released tax guidelines, anyone opening a new account with a Virtual Asset Service Provider (VASP) or a peer-to-peer (P2P) escrow platform must now provide a valid Tax Identification Number (Tax ID) before their account can be activated. The directive is part of a broader effort by the federal government to strengthen tax compliance and improve oversight of Nigeria’s rapidly expanding digital asset industry.
The new requirement was unveiled in the Guidelines on the Taxation of Virtual Assets, which outlines how cryptocurrencies, stablecoins, tokenized assets, and other digital assets will be taxed under Nigeria’s new tax framework. Beyond individual users, the guidelines also impose fresh obligations on crypto exchanges, wallet providers, trading platforms, and P2P escrow operators, requiring them to verify every user’s tax registration before granting access to their services. The move effectively integrates tax compliance into the onboarding process for regulated cryptocurrency platforms operating across the country.
In addition to mandatory Tax ID verification, the guidelines introduce stricter tax rules for businesses operating in the virtual asset space. Medium and large companies generating profits from cryptocurrency transactions will now be required to pay a 30% Corporate Income Tax on their crypto-related gains under the Nigeria Tax Act, 2025. According to the NRS, every individual or business participating in taxable virtual asset activities must first register for tax purposes and obtain a Tax ID, reinforcing the government’s commitment to expanding its tax base within the fast-growing digital economy.
The policy comes amid a wider regulatory overhaul of Nigeria’s cryptocurrency ecosystem. Earlier this year, President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, creating a unified framework for regulating cryptocurrencies, stablecoins, and other digital assets across government agencies. The initiative is designed to improve coordination among regulators, reduce fraudulent activities, encourage responsible innovation, and provide greater confidence for investors and businesses operating within the sector. With an estimated 22 to 26 million Nigerians using cryptocurrency and nearly 40% of Nigerians relying on digital assets for international money transfers, the country remains one of Africa’s largest and most active crypto markets.
The latest directive also aligns with the federal government’s broader revenue-generation strategy. NRS Executive Chairman Dr. Zacch Adedeji recently announced that the agency aims to collect ₦40.7 trillion in taxes, petroleum royalties, and other revenues during the 2026 fiscal year. Combined with the recently signed ₦68.32 trillion 2026 national budget, the government’s new crypto tax rules signal a determined effort to bring virtual asset activities into Nigeria’s formal financial and tax system. While the measures are expected to improve transparency and increase government revenue, they also mark a significant shift for crypto users and businesses, who will now need to meet stricter compliance standards before participating in Nigeria’s digital asset economy.
source: nairametrics
