The Nigeria Revenue Service (NRS) has issued 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 target taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners, and individuals involved in virtual asset transactions. AdvertisementAccording to the agency, the guidelines outline registration, reporting, and record-keeping requirements, valuation principles, and the tax treatment of virtual asset transactions in line with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025. The guidelines also follow the enactment of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, which introduced sweeping reforms to the country’s tax system, including provisions covering 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 within Nigeria’s growing digital economy.