Nigeria has implemented mandatory tax identification measures for digital asset transactions.

According to Finance Feeds, the Nigerian government has officially launched a comprehensive regulatory reform requiring all cryptocurrency transactions to be linked to real-world identities via Taxpayer Identification Numbers (TINs) and National Identification Numbers (NINs). This initiative, spearheaded by the newly renamed Nigerian Revenue Authority (NRS), is part of the Nigerian Tax Administration Act of 2025. By integrating these identity markers, the government aims to bring the country's vast informal cryptocurrency economy into the formal tax system, creating a traceable and transparent ecosystem for digital wealth. Currently, Virtual Asset Service Providers (VASPs) operating in the country must legally verify their clients' tax identities before activating accounts or providing services. Under new guidelines to be introduced in 2026, registered cryptocurrency exchanges face stringent data collection requirements, with hefty fines for non-compliance. These platforms must submit monthly transaction reports to the Nigerian Revenue Authority; failure to report these details will result in an administrative penalty of 10 million Naira for the first month and a repeating penalty of 1 million Naira for each subsequent month. Furthermore, the Securities and Exchange Commission has warned that it may revoke the licenses of exchanges that fail to meet these transparency standards.