The Nigeria Revenue Service (NRS) has issued guidelines for the taxation of crypto and virtual assets, outlining registration, reporting, record-keeping and valuation requirements for stakeholders in the sector.
The guidelines, issued jointly with the Joint Revenue Board (JRB), provide an administrative framework for taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset activities.
In a statement signed by the management of the NRS and JRB on Monday, the agencies said the guidelines set out applicable tax obligations, including registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
The agencies said the framework was developed in accordance with the provisions of the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025, providing greater clarity on the application of Nigeria’s tax laws to the rapidly evolving virtual asset ecosystem.
According to the statement, the guidelines are part of the NRS’s efforts to promote clarity, certainty and consistency in the administration of tax laws governing digital asset transactions in the country.
The agencies said the framework is also intended to promote voluntary compliance among stakeholders, enhance transparency within the virtual asset sector and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the provisions of the guidelines and ensure compliance with the applicable tax obligations.
The NRS and JRB added that the Guidelines on the Taxation of Virtual Assets are available for download on their respective websites.