Nigeria Introduces New Rules To Track and Tax Cryptocurrency Transactions

TheNewsCryptoPublicado a 2026-01-13Actualizado a 2026-01-13

Resumen

Nigeria has introduced new regulations under its Tax Administration Act 2025, requiring cryptocurrency exchanges operating in the country to track and report all user transactions. Platforms must collect users’ Tax Identification Number (TIN) and National Identification Number (NIN), linking crypto activity to real identities and tax records. Exchanges are mandated to submit detailed user and transaction data—including personal information, transaction values, and suspicious activity reports—to tax authorities regularly and retain records for at least seven years. Non-compliance results in significant fines and potential license suspension. With Nigeria processing around $92 billion in crypto annually, the government aims to curb tax evasion, increase revenue, and align with international standards like the OECD Crypto Asset Reporting Framework (CARF). The move ends anonymity for crypto transactions and imposes greater accountability on users to declare income.

Nigeria has now officially started tracking crypto transactions by linking the people’s tax IDs. This is the part of the Nigeria Tax Administration Act 2025, which took effect along with the global crypto tax 2026. This means now crypto is no longer informal, and it has come under the government radar with full visibility.

New Law Forces Nigerian Crypto Platforms to Track and Report All User Activity

The Act is basically tracking all the people’s transactions through crypto exchanges that are operating in Nigeria. These exchanges must now collect users’ Tax Identification Number (TIN) and National Identification Number (NIN) and should report every crypto transaction to tax authorities. This means that the crypto transactions are directly connected to the real identities and tax records.

After collecting the required documents, the Exchanges must submit Username, address, phone, email, TIN, NIN, Transaction date, Value, Total sales, Balance, and the report of large or suspicious transactions. They should keep these records for at least 7 years. They should share these data regularly with the tax authorities. If the crypto platforms don’t follow the rules, then the exchanges will be charged 10 million Nigerian Naira in the first month and 1 million Nigerian Naira for every additional month. If this continues from the exchanges, there is the possibility of licence suspension or shutdown.

Nigeria processed about $92 billion in crypto transactions in one year, which is one of the world’s biggest crypto markets. So the government wants to stop crypto tax evasion and increase tax revenue. This can also improve its tax-to-GDP ratio and bring crypto into the formal tax system.

Nigeria’s System aligns with the OECD Crypto Asset Reporting Framework(CARF), which allows countries to share crypto tax data and to track cross-border crypto activity. With tens of billions of dollars flowing into Nigeria through crypto, it is very hard for the regulators to ignore.

This move from the government shows that crypto in Nigeria is no longer anonymous, and every major transaction can now be traced to a person. For the users, this act brings them less legal uncertainty and more responsibility to declare crypto income.

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Preguntas relacionadas

QWhat is the main purpose of Nigeria's new Tax Administration Act 2025 regarding cryptocurrency?

AThe main purpose is to track cryptocurrency transactions and bring them under government visibility by linking them to people's tax IDs, thereby preventing tax evasion and increasing tax revenue.

QWhat personal identification numbers must Nigerian crypto exchanges collect from users according to the new law?

ACrypto exchanges must collect users' Tax Identification Number (TIN) and National Identification Number (NIN).

QWhat are the financial penalties for crypto exchanges that fail to comply with the new regulations in Nigeria?

AExchanges will be charged 10 million Nigerian Naira in the first month of non-compliance and 1 million Nigerian Naira for every additional month, with possible license suspension or shutdown.

QHow does Nigeria's new crypto tax system align with international standards?

AIt aligns with the OECD Crypto Asset Reporting Framework (CARF), which allows countries to share crypto tax data and track cross-border crypto activity.

QWhat specific user data and transaction details must crypto exchanges report to Nigerian tax authorities?

AExchanges must report Username, address, phone, email, TIN, NIN, transaction date, value, total sales, balance, and the report of large or suspicious transactions, and keep these records for at least 7 years.

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