Nigeria is taking drastic steps to eliminate faceless cryptocurrency trading by requiring users to obtain a Tax Identification Number (TIN) before their accounts can be activated. The policy effectively forces millions of peer-to-peer (P2P) traders out of the shadows and directly into the country’s formal tax system.
The directive serves as one of the most consequential provisions in the Nigeria Revenue Service’s (NRS) newly issued guidelines on the taxation of virtual assets, marking the government’s most comprehensive effort yet to regulate the country’s booming digital asset market.
For years, Nigeria’s P2P market has relied on anonymity. The market, which boasts $48.2 million in daily P2P crypto volume and is ranked amongst the top adopters globally, has enabled users to buy and sell Bitcoin, USDT, and other digital assets well outside the traditional banking ecosystem, rendering tax enforcement nearly impossible. This latest move puts an end to all of that now.
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