Home›Crypto›Regulation›Nigeria issues crypto tax collection rules for exchang…

Nigeria issues crypto tax collection rules for exchanges and P2P platforms

Nigeria’s revenue agency requires platforms to withhold 1% of proceeds from taxable crypto disposals and pay some withheld amounts in the originating token.

Reported · Written up by our desk · Regulation

Cointelegraph reports that Nigeria’s revenue agency has issued guidelines on how crypto platforms and peer-to-peer marketplaces must collect, report, and remit taxes under existing law.

The Nigeria Revenue Service said income tax deducted at source and stamp duty must be remitted in the originating token of the transaction, while value-added tax must be paid in the currency used for the underlying payment.

Under the framework, platforms must withhold 1% of proceeds from taxable disposals of crypto assets, security tokens, and applicable non-fungible tokens. A 10% withholding rate applies to staking, mining, airdrops, and decentralized finance, while token-to-fiat and fiat-to-token transfers are subject to a 1.5% stamp duty.

The guidelines also outline tax rates for individuals using progressive rates and a 30% rate for companies other than small companies, and they exempt stablecoin sales from the 1% withholding tax. Cointelegraph adds the rules follow an executive order that created a Virtual Asset Council chaired by the central bank, and a broader tax overhaul that took effect Jan. 1 under the Nigeria Tax Act and Nigeria Tax Administration Act of 2025.

More like this

Sources