In line with the growing adoption of cryptocurrencies and other digital assets in Nigeria, the Nigeria Revenue Service (NRS) issued the Guidelines on the Taxation of Virtual Assets (VA) (Information Circular No. 2026/21) (“the circular”) on 31 July 2026. The cirular provides a comprehensive framework for the registration, tax obligations, reporting, filing, enforcement, and further clarity on transactions that relate to virtual assets in Nigeria.
The circular seeks to provide certainty on the tax treatment of various categories of virtual assets, including cryptocurrencies, stablecoins, tokenised securities, utility tokens, non-fungible tokens (NFTs), and decentralised finance (DeFi) activities. In addition, the circular clarifies the responsibilities of taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, and other stakeholders involved in the virtual asset ecosystem.
