Nigeria implements mandatory tax identification measures for cryptocurrency transactions

On January 1, 2026, the Nigerian government launched a comprehensive regulatory reform that requires all cryptocurrency transactions to be associated with users' real identities through taxpayer identification numbers (TINs) and national identity numbers (NINs). This measure is led by the Nigeria Revenue Service (NRS) as part of the 2025 Nigeria Tax Management Act, aimed at incorporating the informal cryptocurrency economy into the tax system. Virtual asset service providers (VASPs) are required to verify their clients' tax identities before activating their accounts or providing services, and submit transaction reports to the tax bureau on a monthly basis. Exchanges that fail to comply with regulations will face a fine of 10 million naira in the first month, followed by a monthly fine of 1 million naira, and may have their licenses revoked.