The Nigeria Revenue Service (NRS) has issued a directive requiring all cryptocurrency exchanges, Virtual Asset Service Providers (VASPs), and peer-to-peer (P2P) escrow operators to obtain a valid Tax Identification Number (Tax ID) from customers before activating new accounts.
Under the new rule, both individuals and businesses seeking to open crypto accounts must furnish their Tax ID as a precondition for activation. The NRS explained that the measure is designed to improve taxpayer identification, enhance compliance levels, and strengthen regulatory oversight of virtual asset transactions across the country.
The directive builds on the NRS Guidelines on the Taxation of Virtual Assets, which were released earlier to establish a tax framework for Nigeria's digital asset industry. Those guidelines set out the rules for taxing transactions involving cryptocurrencies and other virtual assets.
This latest requirement represents a further step by the government to integrate cryptocurrency activities into the formal tax system. By linking new account activations to Tax ID registration, the NRS aims to close gaps in taxpayer visibility within the rapidly expanding digital asset sector.
The revenue agency stated that the policy will contribute to a more transparent digital asset market while ensuring that individuals and entities liable to tax fulfil their obligations under existing Nigerian tax laws.
Crypto platforms and VASPs operating in Nigeria are expected to update their onboarding processes immediately to reflect the mandatory Tax ID requirement. Failure to comply could expose operators to regulatory sanctions as the NRS intensifies its focus on the digital economy.
