Nigeria imposes 1.5% stamp duty payable in crypto under landmark NRS virtual asset guidelines

The Nigeria Revenue Service (NRS) has released detailed operational rules for its virtual asset tax framework, introducing a 1.5% stamp duty on token-to-fiat and fiat-to-token transactions. In an unprecedented regulatory move, the NRS requires Virtual Asset Service Providers (VASPs) and exchanges to withhold and remit the tax in the native digital asset being traded, rather than deducting fiat currency from a bank account. By compelling exchanges to act as primary tax collection agents, the guid