Nigeria Mandates Tax IDs for Crypto Businesses Amid Growing Adoption

Nigeria has tightened its grip on the cryptocurrency sector by introducing new requirements that mandate tax identification numbers (TINs) for all crypto businesses operating in the country.

The move, part of a broader effort to curb tax evasion through digital assets and align the sector with existing financial regulations, requires crypto exchanges, wallet providers, and other virtual asset service providers to obtain a TIN from Nigeria's Federal Inland Revenue Service (FIRS).

This requirement aims to create a transparent framework for tracking crypto transactions and ensuring that profits from digital asset trading are properly declared and taxed.

The regulatory push comes amid Nigeria's growing adoption of cryptocurrencies, which has made the country one of the largest peer-to-peer (P2P) markets globally.