NRS: Tax ID now mandatory for new crypto accounts

The Nigeria Revenue Service (NRS) has directed all cryptocurrency exchanges, Virtual Asset Service Providers (VASPs) and peer-to-peer (P2P) escrow operators to make a valid Tax Identification Number (Tax ID) compulsory before activating new customer accounts, in a major move to strengthen tax compliance in Nigeria’s fast-growing digital asset market.
The directive is contained in the Guidelines on the Taxation of Virtual Assets released on Monday as part of the Federal Government’s new framework for regulating and taxing cryptocurrencies, stablecoins, tokenised assets and other digital assets.
The latest requirement is expected to tighten oversight of Nigeria’s crypto ecosystem by e...