NRS Releases New Framework for Virtual Assets Taxation

The Nigeria Revenue Service (NRS) has officially issued new guidelines governing the taxation of virtual assets, establishing a structured administrative framework for digital asset transactions across the country.

Announced in a public notice on Monday, August 3, 2026, the regulatory framework aligns with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025. It targets individual taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, and tax practitioners.

The new directives set out clear rules regarding tax registration, transaction reporting, valuation principles, and record-keeping requirements for cryptocurrency and other digital assets.

“The Guidelines provide a clear administrative framework for the taxation of virtual assets in Nigeria,” the NRS stated. “They set out the applicable tax obligations including registration, reporting and record-keeping obligations, valuation principles, and the tax treatment of virtual asset transactions.”

According to the agency, the initiative forms part of ongoing tax administration reforms designed to promote voluntary compliance, enhance transparency, and provide regulatory certainty within the rapidly expanding digital economy.

The release of these guidelines reflects Nigeria’s shifting regulatory approach toward digital assets, transitioning from previous restrictions toward formal regulation and integration into the national tax framework to expand the tax base.