Nigeria has implemented a new crypto oversight regime that links transactions to tax and identity systems to improve enforcement. The changes took effect on Jan. 1 under the NTAA 2025, and they require virtual asset service providers to record users’ TINs and, where relevant, NINs (implemented tax reforms).
Under the rules, VASPs must file regular returns detailing the nature and value of digital asset transactions and include customer identification. Providers must retain transaction and customer records long term and report suspicious or large transactions to tax agencies and financial intelligence units.
Past crypto tax rules saw weak compliance because trades were hard to tie to taxpayers, as earlier reports showed (reported). (Ed. note: the identity requirement targets that enforcement gap.)
The law aligns Nigeria with international reporting moves under the OECD CARF, and the country is listed among nations committed to full implementation by 2028 (committed to implementing the global framework).
Officials say identity-based reporting offers a practical alternative to costly blockchain surveillance and helps match crypto activity to tax filings and income records.
