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The Nigeria Revenue Service has issued new guidelines outlining the tax treatment of cryptocurrency and other virtual asset transactions under the 2025 tax laws.
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The framework sets out registration, reporting, valuation and record-keeping requirements for taxpayers, Virtual Asset Service Providers and P2P operators.
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The NRS says the guidelines are designed to improve tax compliance, enhance transparency and provide regulatory certainty for Nigeria’s growing digital asset market.
August 03, (THEWILL) — The Nigeria Revenue Service (NRS) has released comprehensive guidelines on the taxation of cryptocurrency and other virtual assets, establishing a formal framework for taxing digital asset transactions under the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025.
The new framework is targeted at taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners and individuals engaged in virtual asset activities as the Federal Government seeks to strengthen tax compliance within Nigeria’s expanding digital economy.
In a public notice issued on Monday, the NRS said the Guidelines on the Taxation of Virtual Assets provide a clear administrative framework governing tax obligations arising from virtual asset transactions.
New compliance framework
According to the agency, the guidelines outline registration, reporting and record-keeping obligations, valuation principles and the tax treatment applicable to virtual asset transactions.
“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 said.
The tax authority noted that the framework forms part of broader reforms aimed at improving certainty in tax administration as digital assets become more integrated into Nigeria’s financial system.
Boosting compliance in digital economy
The NRS said the guidelines are intended to encourage voluntary compliance, improve transparency and support the development of a fair and efficient tax regime for digital asset transactions.
It urged all affected taxpayers and stakeholders to familiarise themselves with the provisions and comply fully with their tax obligations.
The agency added that the guidelines are available for download on its official website.
Clearer rules for virtual assets
The new framework marks another milestone in Nigeria’s evolving regulation of digital assets.
In recent years, authorities have shifted from restrictive policies on cryptocurrency activities to establishing clearer legal and tax rules for the sector.
The guidelines also build on the implementation of the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025, which introduced broad reforms to Nigeria’s tax system, including provisions covering emerging sectors such as virtual assets.
The reforms are expected to strengthen tax administration, improve revenue collection, and provide greater regulatory certainty for businesses and investors operating in Nigeria’s digital economy.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
