Nigeria's new tax law requires crypto transactions to be included in the tax reporting system

The Nigerian government has enacted a new tax law that links cryptocurrency transactions to real identities using Tax Identification Numbers (TIN) and National Identification Numbers (NIN), making crypto transactions traceable and included in the tax reporting system. Virtual Asset Service Providers are required to collect customers' TIN/NIN, names, addresses, and other information, and report transaction data to tax authorities on a monthly basis as stipulated. They must also report large or suspicious transactions to law enforcement agencies.