The Nigeria Revenue Service is implementing a new regulatory framework aimed at taxing cryptocurrency transactions, as the government seeks to broaden its tax base to meet its 2026 revenue target of N40.7 trillion. While Nigeria recorded approximately $92.1 billion in crypto transaction value between mid-2024 and mid-2025, officials caution that this figure does not equate to taxable income. The core challenge for authorities lies in linking digital wallet activities to identifiable taxpayers, particularly as users increasingly move assets into peer-to-peer markets and self-custodied wallets beyond regulated exchanges. Under the new guidelines, virtual-asset service providers are now required to collect Tax IDs and maintain detailed transaction records to help the government identify taxable income within the sector.