NRS Announces Compulsory Requirements for Nigerians Opening Crypto Exchange Accounts
- Nigeria Revenue Service directed crypto exchanges and VASPs to demand a valid Tax ID before activating any customer account
- The requirement is part of new guidelines on taxing virtual assets, covering crypto, stablecoins, and tokenised assets
- Medium and large crypto firms face a 30% corporate income tax on profits under the Nigeria Tax Act, 2025
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigeria Revenue Service (NRS) has ordered cryptocurrency exchanges and other Virtual Asset Service Providers (VASPs) to collect a valid Tax Identification Number from customers as a condition for opening accounts on their platforms.
The directive comes from the Guidelines on the Taxation of Virtual Assets, which the NRS published on Monday, August 3 as part of a new regulatory framework covering cryptocurrencies, stablecoins, tokenised assets and other digital assets.
Source: Getty Images
Under the new rules, platforms including crypto exchanges, wallet providers, trading platforms and peer-to-peer escrow operators must confirm a customer's Tax ID before that account can go live.
The guidelines state:
"VASPs and P2P escrow operators are required to make a valid Tax ID a precondition for account activation in accordance with section 8 of the NTAA."
The NRS said the move is designed to boost tax compliance and tighten oversight of Nigeria's fast-growing digital asset market.
What the New Rules Cover
Beyond the Tax ID requirement, the guidelines place additional obligations on crypto businesses.
They must build tax verification into their onboarding processes and maintain detailed transaction records.
Customer due diligence, anti-money laundering compliance and the submission of prescribed reports to tax authorities are also mandatory.
The NRS said:
"Any person engaged in VAs activities shall register for tax purposes and obtain a Tax ID."
On the corporate side, medium and large companies earning profits from cryptocurrency and other virtual asset transactions will face a 30% corporate income tax on those gains under the Nigeria Tax Act, 2025.
Broader Push to Regulate Digital Assets
The new guidelines are part of a wider federal government effort to bring Nigeria's digital asset industry under a structured regulatory framework.
In July, President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, which set up a coordinated oversight structure for cryptocurrencies and related assets across government agencies.
Source: UGC
The order is aimed at improving regulatory alignment, reducing illicit financial flows and supporting innovation in the digital economy.
Nigeria is one of the largest cryptocurrency markets in the world. Estimates put the number of Nigerians who own or use digital assets at between 22 million and 26 million, making the question of tax compliance and regulatory control particularly significant for the sector.
NRS orders taxpayers to comply with new tax rule
Earlier, Legit.ng reported that the Nigeria Revenue Service (NRS) has ordered all large taxpayers to complete their adoption of the national e-invoicing and Electronic Fiscal System, with sanctions threatened against any company that fails to meet the deadline.
The directive came through a public notice personally signed by NRS Chairman Zacch Adedeji and was communicated to the public on Sunday in a statement by Dare Adekanmbi, the Special Adviser on Media to the NRS Chairman.
Adedeji's notice requires affected companies to complete onboarding, system integration, and testing, then begin transmitting invoices to the NRS e-invoicing platform in line with the agency's approved framework.
Source: Legit.ng
