NRS has announced that all new cryptocurrency account activations on its platform will now require a valid Tax Identification Number (TIN), a move aimed at strengthening tax compliance within Nigeria's rapidly expanding digital asset market.
The requirement, which took effect immediately, means prospective users must provide their TIN before they can open or activate a new crypto account. Existing account holders are expected to comply with the directive in due course, though a transitional timeline has not yet been specified.
The policy aligns with broader efforts by Nigerian tax authorities to bring digital asset transactions within the formal tax net. Cryptocurrency trading and investment activity have grown significantly in Nigeria, prompting regulators to seek greater visibility into the sector.
By linking crypto accounts to Tax Identification Numbers, NRS is positioning itself to support the Federal Inland Revenue Service in tracking taxable events arising from digital asset transactions, including capital gains and trading income.
The development follows a series of regulatory measures aimed at formalising Nigeria's cryptocurrency ecosystem, as authorities balance the need for innovation with fiscal accountability and consumer protection.
