Nigeria Cracks Down on Crypto Tax Evasion with Stricter Regulations

Nigeria has tightened its rules for virtual asset transactions in an effort to crack down on tax evasion and boost revenue from one of the world's largest crypto markets.

The Nigeria Revenue Service has ordered individuals and companies operating as virtual asset service providers and peer-to-peer marketplace operators to obtain tax identification numbers or face sanctions, including fines and imprisonment.

The new guidelines were published on the service's website, but no specific date for implementation was mentioned. This move comes as Nigeria seeks to tap into the growing demand for cryptocurrencies in Africa.