NRS makes Tax ID compulsory before crypto account activation

The Nigeria Revenue Service (NRS) has ordered cryptocurrency exchanges and other Virtual Asset Service Providers (VASPs) to collect a valid Tax Identification Number from customers before activating any account. The directive is part of new guidelines published on Monday, August 3.

New tax rules for virtual assets

The Guidelines on the Taxation of Virtual Assets cover cryptocurrencies, stablecoins, tokenised assets and other digital assets. Platforms affected include crypto exchanges, wallet providers, trading platforms and peer-to-peer escrow operators. Under the new rules, no account can go live without a valid Tax ID.

The guidelines state: "VASPs and P2P escrow operators are required to make a valid Tax ID a precondition for account activation in accordance with section 8 of the NTAA." The NRS said the move is designed to boost tax compliance and tighten oversight of Nigeria's digital asset market.

Obligations for crypto businesses

Beyond the Tax ID requirement, crypto businesses must build tax verification into their onboarding processes and maintain detailed transaction records. Customer due diligence, anti-money laundering compliance and submission of prescribed reports to tax authorities are also mandatory.

The NRS said: "Any person engaged in VAs activities shall register for tax purposes and obtain a Tax ID." On the corporate side, medium and large companies earning profits from cryptocurrency and other virtual asset transactions will face a 30% corporate income tax on those gains under the Nigeria Tax Act, 2025.

Wider regulatory push

The guidelines are part of a broader federal government effort to bring Nigeria's digital asset industry under a structured framework. In July, President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, which set up coordinated oversight for cryptocurrencies and related assets across government agencies.

Nigeria is one of the largest cryptocurrency markets in the world. Estimates put the number of Nigerians who own or use digital assets at between 22 million and 26 million, making tax compliance and regulatory control significant for the sector.

Separately, the NRS has ordered all large taxpayers to complete adoption of the national e-invoicing and Electronic Fiscal System. NRS Chairman Zacch Adedeji signed the public notice, communicated on Sunday in a statement by Dare Adekanmbi, Special Adviser on Media to the NRS Chairman. Affected companies must complete onboarding, system integration and testing, then begin transmitting invoices to the NRS e-invoicing platform or face sanctions.

For Nigerian crypto users, the new rule means no Tax ID, no account activation. For operators, the compliance burden is heavier, but the market is now under a clearer regulatory framework.