PwC Nigeria has raised concerns regarding the Nigeria Revenue Service’s (NRS) newly issued guidelines for taxing virtual assets, citing significant regulatory ambiguities. While the framework provides a necessary administrative structure, PwC highlights potential issues for corporate treasury operations, including the exclusion of companies from safe harbour provisions for wallet transfers. Furthermore, the firm identified practical challenges regarding the valuation of assets, as the required list of approved price aggregators remains unpublished. PwC also warns that the interaction between the 1% withholding tax on gross proceeds and income tax on net gains could lead to over-taxation. Meanwhile, stakeholders under the Digital Assets Coalition have cautioned that these stringent tax rules may hinder investment in the nation’s $92 billion virtual asset sector.