The Nigeria Revenue Service has issued new guidelines on the taxation of virtual assets, including cryptocurrency transactions, as the Federal Government moves to strengthen tax compliance and expand the country’s revenue base.

The guidelines provide a regulatory framework for taxpayers, Virtual Asset Service Providers, Peer-to-Peer marketplace operators, tax practitioners and individuals involved in virtual asset activities.

In a public notice issued on Monday, the NRS announced the release of its Guidelines on the Taxation of Virtual Assets, saying the document establishes an administrative framework for determining tax obligations arising from digital asset transactions in Nigeria.

According to the agency, the guidelines cover…