Nigeria's new tax law requires encrypted transactions to be included in the tax declaration system

Through the new tax law, the Nigerian government uses tax identification number (TIN) and national ID number number (NIN) to associate encrypted transactions with real identities, so that encrypted transactions can be tracked and included in the tax declaration system. Virtual asset service providers need to collect customer TIN/INN, name, address and other information, and report transaction data to tax authorities on a monthly basis according to regulations, while also reporting large or suspicious transactions to law enforcement agencies.