Nigeria releases first formal tax framework for virtual assets

The Nigeria Revenue Service (NRS) has published the Guidelines on the Taxation of Virtual Assets , establishing the country’s first comprehensive regulatory framework for taxing digital assets . Following President Bola Tinubu’s executive order on virtual asset regulation, the guidelines outline tax liabilities and reporting mandates for individual cryptocurrency users, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) platform operators, and decentralized finance (DeFi) participants.