NRS Issues New Tax Guidelines For Cryptocurrency, Virtual Assets

The Nigeria Revenue Service (NRS) has unveiled new guidelines outlining how virtual assets, including cryptocurrencies, will be taxed under the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.

The framework is targeted at taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax professionals and individuals involved in virtual asset transactions, as the federal government seeks to strengthen tax compliance and broaden revenue collection from the expanding digital economy.

In a public notice released on Monday, the NRS announced the formal issuance of the Guidelines on the Taxation of Virtual Assets, describing the document as a comprehensive framework for administering taxes on digital asset transactions in Nigeria.

According to the agency, “The Nigeria Revenue Service (NRS) wishes to inform taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners, and all persons engaged in virtual asset activities that it has issued the Guidelines on the Taxation of Virtual Assets.

“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.”

The NRS explained that the guidelines are part of its broader efforts to modernise tax administration and provide greater certainty as digital assets continue to gain prominence in Nigeria’s financial landscape.

“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 are intended to promote voluntary compliance, enhance transparency, and support the development of a fair and efficient tax framework for digital asset transactions,” It stated.

The agency also encouraged all affected individuals and organisations to acquaint themselves with the new requirements and comply with the applicable tax rules.

“All affected taxpayers and stakeholders are encouraged to familiarise themselves with the provisions of the Guidelines and ensure full compliance with the applicable tax obligations.”

It added that the guidelines can be accessed through its official website.

The move represents another milestone in Nigeria’s evolving approach to regulating digital assets. While authorities initially adopted a restrictive stance toward cryptocurrency-related activities, recent years have seen the introduction of more structured legal and tax frameworks for the sector.

The guidelines also build on the implementation of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, both of which introduced significant reforms to the country’s tax system, including provisions addressing emerging sectors such as virtual assets.

The reforms are expected to strengthen tax administration, boost government revenue and provide greater regulatory certainty for businesses and investors participating in Nigeria’s digital economy.