FG plans unified crypto rules as NRS targets up to 30% tax

The Federal Government is moving to introduce a unified regulatory framework for Nigeria’s cryptocurrency and virtual asset industry, even as the Nigeria Revenue Service (NRS) imposes tax obligations of up to 30 per cent on medium and large operators in the sector.

The move is aimed at removing regulatory overlaps, improving tax compliance and creating a business-friendly environment capable of positioning Nigeria as a leading virtual asset hub in Africa.

The Deputy Director and Tax Controller, Non-Resident Persons Tax Office of the NRS, Oni Olushola, disclosed this at the second edition of the Nigeria Stablecoin Summit in Lagos.

He said the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), NRS and the Presidency were now aligned on creating an enabling regulatory environment for virtual asset businesses.

Olushola said the recent signing of the Presidential Executive Order on Virtual Assets Coordination, 2026, by President Bola Ahmed Tinubu would help address regulatory overlaps that had made compliance difficult for operators.

“What the President has done is to ensure that the virtual asset sector is stable. It’s obvious that we have different agencies with laws guiding crypto in the country, and it’s tedious to comply and inimical to business growth,” he said.

According to him, the Executive Order establishes a centralised governance structure for coordinating the regulation of cryptocurrencies and digital assets, including the creation of a Virtual Asset Council chaired by the CBN.

He said the Federal Government was aware of the significant volume of capital moving through the virtual asset ecosystem, as well as the relatively low level of tax revenue currently generated from the sector.

Olushola said the government’s objective was therefore to develop a framework that would allow digital asset businesses to expand while strengthening tax compliance and revenue generation.

“We are committed to creating a system where digital assets will thrive, and Nigeria will be a hub and model for virtual assets in Africa,” he said.

“With the new order signed into law by President Tinubu, we will come up with a new virtual asset policy that is more friendly and improves the growth of the sector,” he added.

The development comes shortly after the NRS released new Guidelines on the Taxation of Virtual Assets, which impose tax obligations of up to 30 per cent on medium and large virtual asset companies.

Under the guidelines, supervised Virtual Asset Service Providers (VASPs), centralised exchanges and peer-to-peer marketplaces are required to operate as collecting agents for stamp duties, Value Added Tax (VAT) and withholding taxes arising from virtual asset transactions.

Transaction-based stamp duties and levies are also applicable to crypto-related transaction receipts, contract transfers and exchange settlements.

The guidelines further require registered exchanges and peer-to-peer escrow platforms to integrate customers’ Tax Identification Numbers (TINs) into their registration processes.

The NRS also urged startups and emerging virtual asset operators to begin complying with their tax obligations early rather than waiting until they become established businesses.

The government’s latest position has, however, triggered calls from industry operators for greater transparency and fairness in the implementation of the new regulatory and tax regime.

Nathaniel Luz, President of the Africa Stablecoin Network and Convener of the summit, urged the NRS and other regulatory agencies to adopt a fair and business-sensitive approach to regulation and taxation.

“For years, the industry operated under a cloud of regulatory ambiguity that stifled institutional participation. New laws and guidelines established should be transparent and fair to all,” Luz said.