REGULATION | Nigeria Revenue Service Releases Guidelines on the Taxation of Virtual Assets

Nigeria has issued its first comprehensive guidelines on the taxation of virtual assets, providing long-awaited clarity on how cryptocurrency transactions and Virtual Asset Service Providers (VASPs) will be taxed under the country’s new regulatory framework. The guidance, released by the Nigeria Revenue Service (NRS), sets out how taxes will apply to crypto users, exchanges, brokers, custodians and other digital asset businesses operating in the country. The guidelines classify virtual assets broadly to include cryptocurrencies, stablecoins, security tokens, utility tokens and […]