Nigeria Tax Guidelines Impose Levies on Crypto Profits, Mining, and Staking Rewards

Nigeria’s Revenue Service mandates taxation on virtual asset income, including mining and staking. Entities must register and report transactions valued at market prices.

Woofun AI reports that Nigeria’s Revenue Service released the "Guidelines on Taxation of Virtual Assets" on July 31, establishing that income from crypto activities is taxable. The framework covers cryptocurrencies, stablecoins, utility tokens, security tokens, and NFTs. Profits from disposal, exchange, or transfer, alongside earnings from mining, staking, airdrops, and token rewards, are taxed under existing laws. Transaction values are determined by market prices at recognized exchanges on the transaction date. Individuals and businesses must maintain complete transaction records, while virtual asset service providers are required to register and report relevant activities.