In furtherance of its sustained initiatives aimed at aligning Nigeria’s tax administration system with global best standards, the Nigeria Revenue Service (NRS) has issued comprehensive guidelines on the taxation of virtual assets, which serve as a regulatory framework for the taxation of cryptocurrency and other digital asset transactions in the country.
The new guidelines, issued in line with the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025 provisions, are aimed at Virtual Asset Service Providers, Peer-to-Peer marketplace operators, tax practitioners and individual taxpayers engaged in virtual assets activities as the fiscal authorities continue to expand the tax net, improved compliance and strengthen compliance within the rapidly growing digital economy.
The revenue service, in a public notice issued on Monday, disclosed that it had formally released the Guidelines on the Taxation of Virtual Assets and that the document established a clear administrative framework governing tax obligations for virtual asset transactions in Nigeria.
The NRS stated: “The Nigeria Revenue Service (NRS) wishes to inform taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners, and all persons engaged in virtual asset activities that it has issued the Guidelines on the Taxation of Virtual Assets.
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“The Guidelines provide a clear administrative framework for the taxation of virtual assets in Nigeria. They set out the applicable tax obligations including registration, reporting and record-keeping obligations, valuation principles, and the tax treatment of virtual asset transactions in accordance with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
“The issuance of these Guidelines is part of the Service’s commitment to providing clarity, certainty, and consistency in the administration of Nigeria’s tax laws as they relate to the rapidly evolving virtual asset ecosystem. The Guidelines are intended to promote voluntary compliance, enhance transparency, and support the development of a fair and efficient tax framework for digital asset transactions.
“All affected taxpayers and stakeholders are encouraged to familiarise themselves with the provisions of the Guidelines and ensure full compliance with the applicable tax obligations”, it added
Experts believe that the issuance of the guidelines by the NRS marks another step in Nigeria’s evolving regulatory approach to digital assets taxation and is expected to improve tax administration, increase government revenue and provide greater regulatory certainty for businesses and investors operating in Nigeria’s digital economy.
