The Nigeria Revenue Service, NRS, has released comprehensive guidelines on the taxation of virtual assets, providing a clear framework for the taxation of cryptocurrency and other digital asset transactions in a move aimed at improving compliance and enhancing transparency in the country’s fast-growing digital economy.
The new guidelines apply to taxpayers, Virtual Asset Service Providers, VASPs, Peer-to-Peer marketplace operators, tax practitioners and all individuals and organisations engaged in virtual asset activities across Nigeria.
In a statement on Monday, the management of NRS said the guidelines establish a comprehensive administrative framework covering tax obligations, registration requirements, reporting and record-keeping responsibilities, valuation principles, as well as the tax treatment of virtual asset transactions in line with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
According to the Service, the issuance of the guidelines underscores its commitment to providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as they relate to the rapidly evolving virtual asset ecosystem.
The NRS explained that the framework is designed to encourage voluntary tax compliance, strengthen transparency and support the development of a fair, predictable and efficient tax regime for digital asset transactions.
The Service urged all affected taxpayers and stakeholders to study the provisions of the guidelines and ensure full compliance with their respective tax obligations.
It added that the Guidelines on the Taxation of Virtual Assets are available for download on the Nigeria Revenue Service’s official website, urging operators in the digital asset ecosystem to familiarise themselves with the new requirements to avoid non-compliance.
