The Nigerian government has unveiled a comprehensive new framework for cryptocurrency taxation, set to take full effect in 2026. The new policy is embedded within the Nigerian Tax Administration Act [NTAA] 2025 and aims to formally integrate digital assests into the national tax system.

Under the new rules, all cryptocurrency transactions must be linked to a taxpayer’s Tax Identification Number [TIN] and National Identification Number [NIN]. This move is designed to improve transparency and regulatory oversight in Nigeria’s rapidly expanding crypto market.

Virtual Assest Service Providers [VASPs] such as crypto exchanges and brokers will now be required to register with tax authorities, conduct thorough Know Your Customer [KYC] checks and submit monthly transactions data to the government. All records must be retained for a minimum of seven years.

Large or suspicious crypto transaction must be reported to the Nigerian Financial Intelligence Unit [NFIU]. Failure to comply with the new regulations could result in severe penalties, including fines of up to ten million naira or license revocation.

The new policy marks a significant shift in Nigeria’s approach to digital finance and sigals a broader effort to bring the crypto ecosystem under official oversight.