Nigeria’s virtual asset tax regime has moved from broad policy discussions to a more detailed set of rules. These are treated like fiat currencies and do not create virtual asset tax obligations. Top Web3 lawyer Senator Ihenyen on Nigeria’s new Virtual Assets Tax Guidelines5. In summary, Nigeria’s new virtual asset taxation framework does not mean every crypto transaction is automatically taxed. For VASPs, the responsibility is much broader: they are now important collection, reporting and compliance points within Nigeria’s emerging virtual asset tax system.