Nigeria Publishes Virtual Asset Taxation Guidelines Amid Growing Global Regulation

Nigeria has made significant strides in regulating its virtual asset sector with the release of official guidelines on taxation by the Nigeria Revenue Service (NRS). The move comes after President Bola Tinubu's Executive Order on Virtual Assets Coordination, signed July 17, 2026, which placed oversight of cryptocurrency and related assets under a coordinated framework involving the Central Bank of Nigeria and the Securities and Exchange Commission.

The NRS guidelines set out registration, reporting, and record-keeping obligations for anyone handling digital assets. VASPs must register with the NRS, keep detailed transaction records, file periodic returns, and comply with customer identification rules. Taxable income must generally be calculated using the fair market value of an asset on the date of each transaction, based on prices from approved exchanges.

Medium- and large companies earning profits from digital asset activity will face a 30% corporate income tax, in line with standard company taxation rates. Non-compliant VASPs risk penalties of up to ₦10 million, making compliance failures now carry a direct financial cost.