Nigeria Implements Mandatory Tax Identification Measures for Cryptocurrency Transactions

On January 1, 2026, the Nigerian government will launch a comprehensive regulatory reform, requiring all cryptocurrency transactions to be linked to users' real identities through the Taxpayer Identification Number (TIN) and National Identification Number (NIN). This measure, led by the Nigerian Revenue Service (NRS) as part of the 2025 Nigerian Tax Administration Act, aims to incorporate the informal cryptocurrency economy into the tax system. Virtual Asset Service Providers (VASPs) must verify clients' tax identities before activating accounts or providing services, and submit monthly transaction reports to the tax authority. Exchanges that fail to comply will face a fine of 10 million naira for the first month, a subsequent monthly fine of 1 million naira, and may have their licenses revoked.