Nigeria Revenue Service issues new tax guidelines for cryptocurrency, other virtual assets

The Nigeria Revenue Service (NRS) has released comprehensive guidelines on the taxation of virtual assets, introducing a regulatory framework for cryptocurrency and other digital asset transactions under the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025.

The new guidelines target taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and individuals involved in virtual asset transactions, as the Federal Government seeks to broaden the country’s tax base and strengthen compliance in the growing digital economy.

In a public notice issued on Monday, the NRS announced that it had formally published the Guidelines on the Taxation of Virtual Assets, establishing a clear administrative framework for the taxation of digital asset transactions in Nigeria.

According to the agency, the guidelines outline applicable tax obligations, including registration, reporting and record-keeping requirements, valuation principles, and the tax treatment of virtual asset transactions.

> “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.

> “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 statement read.

The NRS said the move forms part of ongoing reforms aimed at providing clarity, certainty and consistency in tax administration as virtual assets become increasingly integrated into Nigeria’s financial system.

> “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.”

The agency urged all affected individuals and organisations to familiarise themselves with the new provisions and ensure full compliance with their tax obligations, adding that the guidelines are available for download on its official website.

The development marks another milestone in Nigeria’s evolving regulatory approach to digital assets. In recent years, the government has shifted from imposing restrictions on cryptocurrency-related activities to developing clearer legal and tax frameworks for the sector.

The guidelines also follow the enactment of the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025, which introduced wide-ranging reforms to Nigeria’s tax system, including provisions covering emerging sectors such as virtual assets.

The reforms are expected to improve tax administration, boost government revenue and provide greater regulatory certainty for businesses and investors operating within Nigeria’s digital economy.