NRS ISSUES NEW GUIDELINES ON TAXATION OF VIRTUAL ASSETS
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By:Tajudeen Aminat
NRS Issues Guidelines on Taxation of Virtual Assets
The Nigeria Revenue Service (NRS) has released comprehensive guidelines on the taxation of virtual assets, establishing a regulatory framework for cryptocurrency and other digital asset transactions under the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.
The guidelines are targeted at taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners and individuals involved in virtual asset transactions, as the Federal Government seeks to strengthen tax compliance within the expanding digital economy.
In a public notice issued on Monday, the NRS announced the formal release of the Guidelines on the Taxation of Virtual Assets, describing them as a clear administrative framework for taxing digital asset transactions in Nigeria.
According to the agency, the guidelines outline key tax obligations, including registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions in line with the country’s tax laws.
The NRS said the initiative forms part of broader efforts to improve clarity, consistency and certainty in tax administration as virtual assets become increasingly integrated into Nigeria’s financial system.
The agency added that the guidelines are intended to encourage voluntary compliance, enhance transparency and support the development of a fair and efficient tax framework for digital asset transactions.
It urged all affected taxpayers and stakeholders to familiarise themselves with the provisions and comply fully with their tax obligations.
The NRS also noted that the guidelines are available for download on its official website.
The release marks another step in Nigeria’s evolving regulation of digital assets, following the enactment of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, which introduced significant tax reforms, including provisions for emerging sectors such as virtual assets.
The reforms are expected to strengthen tax administration, boost government revenue and provide greater regulatory certainty for businesses and investors operating in Nigeria’s digital economy.
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