NRS issues new tax guidelines for crypto investors, VASPs and P2P operators

The Nigeria Revenue Service (NRS) has published new Guidelines on the Taxation of Virtual Assets, setting out a clear tax framework for cryptocurrency and other digital asset transactions across the country.

The NRS announced the guidelines in a public notice on Monday, August 3, saying they apply to Virtual Asset Service Providers (VASPs), peer-to-peer marketplace operators, tax practitioners, and any individual or business engaged in virtual asset transactions.

Legal backing and coverage

The framework draws its authority from the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025. The guidelines spell out the tax obligations that apply to virtual asset activities under those laws.

Key areas covered include registration requirements for relevant operators, reporting and record-keeping obligations, how virtual assets should be valued for tax purposes, and the specific tax treatment for different types of transactions.

NRS: Guidelines bring clarity and consistency

The NRS said the document was developed to bring greater certainty to how tax laws are applied as Nigeria's digital asset market continues to grow.

The tax agency said: "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."

It added: "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."

Voluntary compliance and transparency

Beyond clarity, the NRS said the guidelines are meant to drive voluntary tax compliance, boost transparency in digital asset dealings, and help build a fair and efficient tax system for the sector.

The revenue service called on all affected taxpayers and stakeholders to read the guidelines carefully and meet their obligations in full. The Guidelines on the Taxation of Virtual Assets are available for download on the NRS official website.

The new framework comes as Nigeria continues to tighten oversight of cryptocurrencies and digital assets following the passage of the two tax laws in 2025. In a related tax update, the National Bureau of Statistics (NBS) had reported that Nigeria's Company Income Tax (CIT) collections stood at N1.37 trillion in the first quarter of 2026, an 8.08% decline from the N1.49 trillion recorded in the fourth quarter of 2025.