The Nigeria Revenue Service (NRS) has mandated that all Virtual Asset Service Providers (VASPs) and peer-to-peer (P2P) escrow operators require a valid Tax Identification Number (Tax ID) for new account activations. This directive is part of the newly released Guidelines on the Taxation of Virtual Assets, which seeks to formalize tax compliance within Nigeria’s digital asset sector. Additionally, the guidelines stipulate that medium and large companies will be subject to a 30% corporate income tax on profits derived from virtual asset transactions. The move aligns with the broader Presidential Executive Order on Virtual Assets Coordination issued earlier this year, aiming to bring crypto-related activities under a unified regulatory and tax framework.