Find out more as NRS releases new tax rules for crypto investors, clarifies transactions

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The Nigeria Revenue Service released new guidelines setting out a tax framework for cryptocurrency and other digital asset transactionsThe guidelines cover registration, record-keeping, valuation, and tax treatment for VASPs, P2P operators, and individuals in the virtual asset spaceNRS 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.

Crypto businesses and taxpayers in Nigeria now have clearer rules on their tax obligations. Photo: Westend61
Source: Getty Images

What the New Guidelines Cover

The framework draws its