The Nigeria Revenue Service (NRS) has released formal guidelines for taxing virtual assets, marking a significant step in the formalization of Nigeria’s digital asset market. Under the new framework, derived from the Nigeria Tax Act of 2025, cryptocurrency exchanges and P2P platforms are now required to act as tax collecting agents for VAT, stamp duties, and withholding taxes.

Key provisions include a 30% corporate income tax on profits for companies, while individual gains from trading or swapping assets are subject to personal income tax. Income from staking, mining, and airdrops is classified as gross income. Exchanges must now integrate Tax Identification Numbers (TIN) into their onboarding processes. The regulations also introduce steep penalties for non-compliance, including heavy fines for platforms and the risk of SEC license revocation. While some industry stakeholders view the clarity as a positive move to remove regulatory ambiguity, others warn that excessive friction and micro-costs could drive liquidity to unregulated platforms.