No be small matter oh! Nigeria don finally jam everybody wey dey do crypto for the country with new tax law wey link crypto transactions to Tax Identification Numbers (TINs) and National Identification Numbers (NINs). This new law, wey dem dey call Nigeria Tax Administration Act (NTAA) 2025, go make all those wey dey do crypto trading begin shine their eyes from January 1, 2026.
This na serious wahala as e mean say the government fit track all your crypto moves based on your real-life identity. Dem no go just dey monitor blockchain again; instead, dem go focus on the identity way you don register with dem.
Wetin dis law mean be say if you dey trade cryptocurrency, you go need to show your TIN and NIN to the exchanges wey you dey use. E go help tax authorities know how much money you dey generate from crypto, and dem go fit compare am with wetin you dey declare as your earnings. So, if you dey do any hiding and dodging, you better update your game!
Under this NTAA 2025, Virtual Asset Service Providers (VASPs) like exchanges must submit regular reports wey go include your details: your name, phone number, address, and tax IDs. Dis just dey show say “no more hiding, no more running.”
Wetin dey sweet for dis matter be say Nigeria dey follow international standards with this move. Dem go dey align with the Organisation for Economic Co-operation and Development (OECD) Crypto-Asset Reporting Framework (CARF). And guess wetin? Dis framework also dey aim to reduce tax evasion across the board, so e mean say we no go dey use crypto as hiding ground again.
Before people go begin talk say dem no fit track crypto, make I run am down for una: hoot! This new strategy no go affect blockchain itself; rather, e go locate the crypto when e enter the formal financial space. Na the TIN and NIN go connect am, and tax authorities go fit dey request extra info from your crypto platforms anytime wey dem like without any wahala.
No be mumu policy oh! Dis law dey show say dem don realize say na serious money dey flow for crypto transactions, estimated to be around $92.1 billion yearly for Nigeria. If you dey involved for crypto trading, make you shine your eyes and prepare for dem new rules, because the government wan collect their own share from the crypto pie.
And abeg, no think say if you dey use foreign exchanges, you go escape tax. If your income show up for Nigerian accounts, dem still fit find you. Better start plan well to avoid wahala for 2025 and beyond!
How e go change the way crypto platforms dey operate? E fit make some platforms dey limit their services or even increase costs just to comply. Na so wahala fit dey rise if law too much hard on dem.
As this NTAA 2025 dey enter our lives, expect dem to clarify wetin tax mean for crypto users and how dem go dey track digital assets. Serious audits fit begin for those wey no follow am well. Public awareness don dey show say all dem policies no go just sit down.
Do you have a news tip for NNN? Please email us at editor @ nnn.ng
