Nigeria Introduces Crypto Tax Rules, Makes Tax ID Mandatory for New Accounts 

• Nigeria now requires a Tax ID to open new accounts on regulated crypto exchanges and P2P platforms.
• New guidelines introduce clear tax rules for cryptocurrencies, stablecoins, and other virtual assets.
• Medium and large companies will pay 30% corporate tax on profits from crypto transactions.

Nigeria has introduced a comprehensive tax framework for virtual assets, setting new compliance requirements for crypto users, exchanges, and peer-to-peer (P2P) operators. Specifically, the Nigeria Revenue Service (NRS) has made a Tax Identification Number (Tax ID) mandatory for anyone opening a new crypto account on regulated platforms. 

The guidelines, released on Monday under the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, also explain how cryptocurrencies, stablecoins, tokenized assets, and other virtual assets will be taxed.

NRS’ Tax Framework for Crypto

According to the NRS, the guidelines establish an administrative framework for taxing virtual assets. They cover tax registration, reporting requirements, record-keeping, valuation principles, and the tax treatment of crypto transactions.

The agency said the framework is to provide clarity and consistency for taxpayers, Virtual Asset Service Providers (VASPs), P2P marketplace operators, tax practitioners, and individuals involved in digital asset activities.

Tax ID Required to Open New Crypto Accounts

One of the biggest changes is the introduction of mandatory Tax ID verification. Anyone engaging in taxable virtual asset activities must obtain a Tax Identification Number. Regulated crypto exchanges, wallet providers, trading platforms, and P2P escrow operators must verify users’ Tax ID before activating a new account.

The requirement makes tax verification part of the onboarding process. It also aligns crypto platforms with Nigeria’s wider tax administration framework.

30% Tax on Crypto Profits

Also, the guidelines confirm that medium and large companies that earn profits from crypto and other virtual asset transactions will now pay a 30% corporate income tax under the Nigeria Tax Act, 2025.

The measure is part of reforms to improve tax collection and create a more regulatory environment for businesses operating in Nigeria’s digital economy.

What the New Rules Mean for Crypto Users

Notably, the new framework does not ban cryptocurrency trading or ownership. Instead, it introduces formal tax compliance requirements.

Anyone opening a new account on a regulated exchange or P2P platform must provide a valid Tax ID before the account can be activated. Existing users may also face additional reporting requirements as platforms adopt the new framework.

Users should also expect stricter reporting requirements and closer oversight of taxable digital asset activities.

Meanwhile, the new framework significantly expands compliance responsibilities for exchanges and VASPs. Platforms will be required to:

• Verify Tax IDs before activating new customer accounts
• Maintain detailed transaction records
• Meet tax reporting and record-keeping requirements
• Implement systems that comply with NRS reporting obligations

These requirements may increase operational and compliance costs for exchanges serving Nigerian users. 

In July, President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026. The order aims to improve coordination among government agencies responsible for cryptocurrencies, stablecoins, tokenized assets, and related technologies.

Nigeria remains one of Africa’s largest crypto markets. An estimated 22 million to 26 million Nigerians use cryptocurrencies, while roughly 40% rely on digital assets for international transfers.

The latest tax measures signal the government’s intention to bring the sector further into the formal financial and tax system to improve compliance and increase public revenue.

Related: Tinubu Signs Executive Order to Unify Nigeria’s Virtual Asset Regulation