NRS Releases New Guidelines on Taxation of Cryptocurrency and Virtual Assets in Nigeria

• The Nigeria Revenue Service released new guidelines setting out a tax framework for cryptocurrency and other digital asset transactions
• The guidelines cover registration, record-keeping, valuation, and tax treatment for VASPs, P2P operators, and individuals in the virtual asset space
• NRS said the move is aimed at encouraging voluntary compliance and improving transparency as Nigeria’s digital asset sector grows

The Nigeria Revenue Service (NRS) has published new Guidelines on the Taxation of Virtual Assets, creating a structured tax framework for cryptocurrency and other digital asset activities across the country.

The NRS announced in a public notice on Monday, August 3, saying the guidelines apply to a broad range of participants, including Virtual Asset Service Providers (VASPs), peer-to-peer marketplace operators, tax practitioners, and any individual or business engaged in virtual asset transactions.

What the New Guidelines Cover

The framework draws its authority from the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, and is designed to spell out exactly what tax obligations apply to virtual asset activities under those laws.

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Key areas addressed in the guidelines include registration requirements for relevant operators, obligations around reporting and record-keeping, how virtual assets should be valued for tax purposes, and the specific tax treatment that applies to different types of transactions.

The NRS said the document was developed to bring greater certainty to how tax laws are applied as Nigeria’s digital asset market continues to grow.

The tax agency said:

“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 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.”

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NRS Urges Stakeholders to Comply

Beyond clarity, the NRS said the guidelines are also meant to drive voluntary tax compliance, boost transparency in digital asset dealings, and help build a fair and efficient tax system for the sector.

The revenue service called on all affected taxpayers and stakeholders to read through the guidelines carefully and meet their obligations in full.

According to the NRS, the Guidelines on the Taxation of Virtual Assets are available for download on its official website, Punch reports.

The new framework comes as Nigeria continues to tighten oversight of cryptocurrencies and digital assets following the passage of the two tax laws in 2025.

Company income tax in Nigeria

Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) revealed that Nigeria’s Company Income Tax (CIT) collections stood at N1.37 trillion in the first quarter of 2026, representing an 8.08% decline from the N1.49 trillion recorded in the fourth quarter of 2025.

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The figures were disclosed in the bureau’s latest Company Income Tax Report for the first quarter of 2026.

Company Income Tax (CIT) is a tax levied on the profits of registered companies operating in Nigeria.

Source: Legit.ng