Nigeria Issues Guidelines for Taxing Cryptocurrencies Under New Regulatory Framework

Nigeria has issued guidelines for taxing virtual assets, including cryptocurrencies like Bitcoin and stablecoins, under its new regulatory framework.

The Nigeria Revenue Service (NRS) released a comprehensive guidance document outlining how taxes will apply to crypto users, exchanges, brokers, custodians, and other digital asset businesses operating in the country.

The guidelines classify virtual assets broadly to include cryptocurrencies, security tokens, utility tokens, and non-fungible tokens (NFTs). They outline taxable events such as buying, selling, exchanging, or disposing of digital assets, while also covering income earned from mining, staking, airdrops, and other crypto-related activities.

For Virtual Asset Service Providers (VASPs), the framework introduces detailed compliance obligations. Exchanges and licensed providers must register with the NRS, maintain transaction records, file periodic tax returns, and comply with customer identification and reporting requirements.