The Nigeria Revenue Service (NRS) has issued new Guidelines on the Taxation of Virtual Assets, establishing an administrative framework to regulate the taxation of cryptocurrency and other digital asset transactions in Nigeria.

The guidelines, announced in a statement signed by the Service’s Management, are aimed at taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners, and all individuals and organisations involved in virtual asset activities.

According to the NRS, the framework outlines the tax obligations applicable to virtual asset transactions, including registration requirements, reporting and record-keeping responsibilities, valuation principles, and the treatment of taxable transactions.

The Service stated that the guidelines were developed in line with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, to provide clarity and consistency in the administration of taxes within Nigeria’s rapidly expanding digital asset ecosystem.

It explained that the move forms part of its commitment to strengthening tax administration by providing certainty for taxpayers while encouraging compliance with existing tax laws.

“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,” the statement said.

The NRS urged all affected taxpayers and stakeholders to familiarise themselves with the provisions of the guidelines and ensure full compliance with their tax obligations.

The Service added that the Guidelines on the Taxation of Virtual Assets are available for download on its official website, www.nrs.gov.ng⁠

The release of the guidelines comes amid the increasing adoption of virtual assets and digital financial services in Nigeria, with authorities seeking to provide a clearer regulatory and tax framework for the growing sector. (The Guardian)

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