Nigeria Enforces Crypto Tax Rules for Exchanges and P2P Platforms

Nigeria has enforced new crypto tax rules for exchanges and peer-to-peer platforms as part of its 2026 tax framework. The framework mandates that VASPs, including crypto exchanges and P2P platforms, withhold taxes on transactions.

The withholding tax rate varies depending on the type of transaction: a 1% levy is applied to taxable trades involving cryptocurrencies, while income from staking, mining, airdrops, and DeFi protocols will be subject to a 10% withholding tax. Transactions between cryptocurrencies and fiat currencies incur a 1.5% fee.

The regulations also require platforms to collect and store personal data, including national tax identification numbers of users, and submit regular reports to tax authorities. This includes information on customer names, addresses, asset types held, transaction volumes, and transaction dates.