Nigeria’s tax authority has issued new Virtual Asset Tax Guidelines, formally placing blockchain-based digital assets such as cryptocurrencies, stablecoins and NFTs within the country’s tax system. Published on July 31, the document lays out what PANews described, citing The Nation Online, as the first detailed framework for taxing gains tied to crypto-related assets including governance tokens and NFTs.
The guidelines say gains arising from the disposal, exchange or transfer of virtual assets are taxable under Nigerian tax law. Income earned from blockchain activities including mining, staking, validation, airdrops and token rewards is also subject to tax. For valuation, taxpayers must use market prices from exchange platforms recognized by the tax authority.
The document also requires individuals and companies to keep complete transaction records. Virtual asset service providers must register for tax purposes and report large or suspicious transactions. Regulatory duties remain split: the Securities and Exchange Commission continues to oversee security-type virtual assets, while the tax authority handles tax administration. The guidelines do not create a separate crypto tax rate and instead apply existing tax law. According to the report, the move follows President Bola Tinubu’s executive order calling for a coordinated regulatory framework for virtual assets.
Nigeria’s tax authority has released Virtual Asset Tax Guidelines that formally bring blockchain-based digital assets, including cryptocurrencies, stablecoins and NFTs, into the country’s tax system, according to The Nation Online.
Issued on July 31, the guidelines provide what the report described as the first detailed framework for taxing gains tied to cryptocurrencies, stablecoins, governance tokens and NFTs.
Tax applies to transfers and on-chain income
Under the guidelines, gains generated from the disposal, exchange or transfer of virtual assets are taxable under Nigerian law. Income from blockchain activities such as mining, staking, validation, airdrops and token rewards must also be reported for tax purposes.
Valuation and compliance rules are spelled out
The document says virtual assets must be valued using market prices from exchange platforms recognized by the tax authority. Individuals and businesses are required to keep complete transaction records, while virtual asset service providers must register for tax and report large or suspicious transactions.
SEC retains securities oversight
Nigeria’s Securities and Exchange Commission, or SEC, will continue to regulate security-type virtual assets, while the tax authority will handle tax administration. The guidelines do not set a standalone crypto tax rate and instead apply existing tax law provisions.
The report said the guidelines follow President Bola Tinubu’s executive order on building a coordinated regulatory framework for virtual assets.
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