The Nigeria Revenue Service (NRS) has introduced a new requirement making Tax Identification Numbers (TIN) mandatory for the activation of new cryptocurrency exchange accounts.
The directive is designed to close reporting gaps and ensure that digital asset traders are fully integrated into the country's tax net.
This development builds on earlier NRS regulations that imposed a 30% income tax on cryptocurrency transactions.
Under the updated guidelines, crypto exchanges operating in Nigeria must verify and record the TIN of any user seeking to open a new account.
Failure to comply with these identification requirements exposes platforms to administrative fines of up to N10 million.
The rule applies specifically to new account activations, signaling a shift toward stricter onboarding protocols for digital asset service providers.
This development builds on earlier NRS regulations that imposed a 30% income tax on cryptocurrency transactions.