Nigeria Revenue Service Backs Unified Crypto Framework

The Nigeria Revenue Service (NRS) has announced its support for a unified crypto framework. Speaking at the second Nigeria Stablecoin Summit in Lagos, Mr. Oni Olushola, NRS Deputy Director and Tax Controller, Non-Resident Persons Tax Office, stated that financial regulators are not opposed to cryptocurrencies but are collaborating to establish a unified framework supporting digital asset growth.

Olushola explained that prior to the Presidential Executive Order on Virtual Assets Coordination, 2026, multiple regulatory agencies operated under separate laws, making compliance difficult and discouraging investment and business expansion. He noted that the new order creates a unified regulatory framework and establishes a Virtual Asset Council chaired by the Central Bank of Nigeria.

The NRS Deputy Director emphasized that tax revenues from the virtual asset sector remain below potential, but the government recognizes the substantial capital flowing through digital assets. He assured operators that regulators are working towards an acceptable and unified framework, describing it as 'a new dawn' for the industry.