The Nigeria Revenue Service (NRS) has released its new Guidelines on the Taxation of Virtual Assets, introducing up to a 30% tax obligation on medium and large virtual asset companies. The guidelines represent a major step by the Federal Government to bring the digital asset sector into the formal tax net.
The announcement was made by Oni Olushola, Deputy Director and Tax Controller of the Non-Resident Persons Tax Office at the NRS, during the second edition of the Nigeria Stablecoin Summit in Lagos. The event, held under the theme New Vistas, brought together more than 500 fintech leaders, policy experts, and corporate representatives.
Tinubu Signs Executive Order for Virtual Assets
To address regulatory overlaps that have previously created compliance difficulties, President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026. This order establishes a centralised governance structure, including the creation of a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN).
Olushola stated that the CBN, the Securities and Exchange Commission (SEC), the NRS, and the Presidency are now aligned to create an enabling environment. The government aims to capture tax revenue from the high volume of capital flowing through the ecosystem while allowing digital asset businesses to grow.
The NRS official urged startups and emerging operators to begin complying with tax obligations early in their lifecycle rather than waiting until they become fully established businesses.
Exchanges Mandated as Tax Collection Agents
Under the new guidelines, supervised Virtual Asset Service Providers (VASPs), centralised exchanges, and peer-to-peer (P2P) marketplaces must operate as collecting agents. They are required to collect Value Added Tax (VAT), withholding taxes, and transaction-based stamp duties on virtual asset transactions.
These transaction-based stamp duties and levies will apply to crypto-registered transaction receipts, contract transfers, and exchange settlements, similar to the Electronic Money Transfer Levy (EMTL) used in traditional banking. Additionally, all platforms must integrate and collect customers' Tax Identification Numbers (TIN) during registration.
Industry Leaders Call for Balanced Implementation
Industry stakeholders at the summit urged regulators to ensure that the implementation of these policies remains fair and practical. Nathaniel Luz, President of the Africa Stablecoin Network, called for a humane approach to regulation to avoid stifling institutional participation.
Franklin Peters, Chief Executive Officer of BoundlessPay and Executive Chair of the Virtual Asset Service Providers Association (VASPA), noted that digital assets have evolved from speculative investments into critical settlement infrastructure. He highlighted that freelancers, exporters, and merchants regularly use stablecoins to settle cross-border transactions efficiently.
Peters cautioned that excessive compliance costs could burden early-stage African technology companies. He advocated for standardised reporting interfaces that integrate directly into payment infrastructure to encourage voluntary compliance.
Tosin N. Luz, Chief Executive Officer of Nexply Compliance, also reminded virtual asset operators to ensure that their business expansion is matched by strict adherence to data privacy and consumer protection requirements.
