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Article

Nigeria mandates valid Tax Identification Numbers for activating new cryptocurrency accounts to improve tax compliance.

Innovation Village Aug 3, 2026
Read the original Article page

TL;DR

The Nigeria Revenue Service (NRS) has directed crypto exchanges and wallet providers to require a Tax ID for all new user accounts.

Medium and large companies generating profits from digital asset transactions must pay a 30% Corporate Income Tax under the Nigeria Tax Act, 2025.

Intelligence

The new guidelines align with the July 2026 Presidential Executive Order on Virtual Assets Coordination signed by President Bola Tinubu.

Nigeria's crypto market features an estimated 22 million to 26 million users, with 40% of Nigerians using crypto for international transfers.

This regulatory shift signals Nigeria's move towards aggressive enforcement and taxation within its massive digital asset market.

Throughout the 2026 fiscal year, virtual asset providers operating in Nigeria will face heightened compliance workloads and potential onboarding friction due to mandatory Tax ID verification.

Other prominent African crypto markets like Kenya and South Africa will likely monitor the success of this revenue mobilization effort as they design their own digital economy tax frameworks.

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No funding rounds were extracted from this article.

Regulatory activity extracted

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Nigeria Revenue Service Compliance requirement

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