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Nigeria is now linking cryptocurrency activities to real identities.
Cryptocurrency revenues are fully taxable, and trading platforms are required to report user data to authorities.
Nigeria has officially started tracking cryptocurrency transactions by linking them to individuals' tax identities. This is part of the Nigerian Tax Administration Act of 2025, which came into effect alongside the 2026 Global Cryptocurrency Tax Law. As a result, cryptocurrencies are now fully under government supervision and are no longer traded informally.
A new law requires Nigerian digital currency platforms to track and report all user activities.
The law requires digital currency trading platforms operating in Nigeria to track all user transactions. These platforms must now collect the Tax Identification Number (TIN) and the National Identification Number (NIN) of users, and report every cryptocurrency transaction to the tax authorities. This means linking cryptocurrency transactions directly to real identities and tax records.
After gathering the required documents, platforms must submit the username, address, phone number, email, tax identification number, national identification number, transaction date, value, total sales, balance, as well as a report on large or suspicious transactions. They must keep these records for at least seven years and share this data regularly with tax authorities. If digital currency platforms do not comply with these rules, they will face a fine of 10 million Nigerian Naira in the first month, and one million Nigerian Naira for each additional month. If this situation continues, platforms may face license suspension or closure.
Nigeria conducted cryptocurrency transactions worth nearly $92 billion in one year, making it one of the largest cryptocurrency markets in the world. Therefore, the government seeks to reduce tax evasion in this sector and increase tax revenues. This would also improve the tax-to-GDP ratio and include cryptocurrencies within the formal tax system.
The Nigerian system aligns with the OECD framework for reporting cryptocurrency assets (CARF), which allows countries to exchange tax data related to cryptocurrencies and track their cross-border activities. With tens of billions of dollars flowing into Nigeria through cryptocurrencies, it is difficult for regulators to ignore this issue.
This government move shows that cryptocurrencies in Nigeria are no longer anonymous, and every major transaction can now be traced back to its owner. For users, this measure reduces legal ambiguity and enhances their responsibility to disclose their income from cryptocurrencies.$BNB
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