Nigeria Enforces Crypto Tax Rules, Requires Tax ID for New Accounts

Nigeria has introduced a comprehensive tax framework for virtual assets, setting new compliance requirements for crypto users, exchanges, and peer-to-peer (P2P) operators. According to the Nigeria Revenue Service (NRS), the guidelines establish an administrative framework for taxing virtual assets, covering tax registration, reporting requirements, record-keeping, valuation principles, and the tax treatment of crypto transactions.

One of the biggest changes is the introduction of mandatory Tax ID verification. Anyone engaging in taxable virtual asset activities must obtain a Tax Identification Number. Regulated crypto exchanges, wallet providers, trading platforms, and P2P escrow operators must verify users' Tax ID before activating a new account.

The guidelines also confirm that medium and large companies that earn profits from crypto and other virtual asset transactions will now pay a 30% corporate income tax under the Nigeria Tax Act, 2025. The measure is part of reforms to improve tax collection and create a more regulatory environment for businesses operating in Nigeria's digital economy.