[REVISION HISTORY]

Nigeria virtual asset tax and regulatory regime

Updated 6 times since CLSTR started tracking revisions of this situation.

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2026-08-23 03:46 UTC → 2026-09-08 09:43 UTC · added ~~removed~~

In August 2026, Nigeria implemented a comprehensive tax framework for virtual assets. The Nigeria Revenue Service (NRS) clarified that existing income tax and stamp duty rules apply to cryptocurrencies, stablecoins, NFTs, and the eNaira. Finance Minister Taiwo Oyedele stated the framework aims to “remove uncertainty rather than create new taxes,” allowing traders to deduct investment losses. Following a presidential executive order, a Virtual Asset Council chaired by the Central Bank of Nigeria is preparing a unified regulatory framework. Under the Nigeria Tax Act 2025, the NRS and Joint Revenue Board introduced specific regulations for P2P marketplaces. These include a 1% withholding tax on virtual asset ~~disposals (credited as advance tax),~~ disposals, a 1.5% stamp duty on token-to-fiat transfers, and a 10% tax on staking, mining, and DeFi yields. Stablecoins like USDT and USDC are exempt from withholding tax. The Digital Assets Coalition criticized the structure, with spokesperson Obinna Iwuno calling the transaction-based tax a “toll on participation” that could drive users offshore. PwC highlighted regulatory ambiguities, such as the lack of a “safe harbour” for corporate wallet transfers and uncertainty regarding approved price aggregators. PwC also noted significant non-compliance penalties, including N10 million for the first month of default. ~~Expanding the regulatory scope,~~ Recent analysis by PwC Nigeria further identified potential legal uncertainties and enforcement gaps, noting that the guidelines categorize assets into six groups—including utility, governance, and security tokens—but lack an effective date despite introducing new obligations. The Nigerian SEC has proposed new rules for digital asset operations. These include minimum capital ~~requirements ranging from~~ requirements: N2 billion for exchanges and custodians, N500 million for tokenization and offering platforms, and N200 million for Virtual Asset Service Providers ~~to N2 billion for exchanges and custodians.~~ (VASPs). The proposal also introduces a N30 million registration ~~fee~~ fee, a requirement for a fidelity insurance bond, and limits for retail investors to enhance protection.

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