ABUJA, Aug 4 – Nigeria has introduced its first official tax framework for cryptocurrency and other virtual assets, setting out how users, exchanges and digital asset businesses will meet their tax obligations.
The Nigeria Revenue Service (NRS) announced the new guidelines on Monday, saying they apply to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators and other participants in the digital asset sector.
Under the framework, taxpayers and service providers must keep records of virtual asset transactions, file the required tax returns and calculate taxable income using the market value of digital assets on the date each transaction takes place.
The guidelines also explain how income from crypto trading, mining, staking, decentralised finance (DeFi) and digital token sales will be taxed.
In addition, the government has introduced a 1.5% stamp duty on eligible cryptocurrency transactions. Registered exchanges and other VASPs will deduct the levy from the digital assets credited to a buyer’s wallet and remit it using the same digital token involved in the transaction.
According to the NRS, the framework also sets out how value-added tax (VAT), income tax and stamp duty apply to different virtual asset activities. Recognised exchanges and other intermediaries will be responsible for deducting and remitting the applicable taxes.
The new rules follow President Bola Tinubu’s July 18 executive order aimed at creating a coordinated regulatory framework for virtual assets. The NRS said the guidelines are designed to improve clarity, consistency and transparency while encouraging voluntary tax compliance.