Nigeria's new tax law officially takes effect: Cryptocurrency transaction real-name tracking system launched

TokenSherpa · 2026-01-13T00:32:13+00:00

The Nigerian government has introduced a new tax policy that links crypto transactions to real identities, increasing traceability. Virtual asset service providers are required to collect customer information and regularly report transaction data to tax authorities, raising compliance costs but contributing to market stability.

TokenSherpa

2026-01-13 00:32:13

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【Blockchain Rhythm】The Nigerian government has recently implemented a new tax policy framework that directly impacts all cryptocurrency trading activities. The core logic is clear—achieving traceability by linking transactions to real identities.

How exactly does it work? The government uses Taxpayer Identification Numbers (TIN) and National Identification Numbers (NIN) to associate your crypto operations with your identity information. This way, there’s no need to crack the blockchain itself; you can still figure out who is doing what transactions.

Requirements for Virtual Asset Service Providers (VASPs) have become more stringent. These platforms must collect and retain basic customer information such as TIN, NIN, name, and address. And then? They must also submit transaction data reports to the tax authorities on a monthly basis. If large transactions or suspicious activities are detected, law enforcement agencies are also required to report promptly.

In simple terms, this system brings crypto transactions fully into the government’s regulatory radar. For VASPs, compliance costs have indeed increased. But in the long run, this can also provide more certainty for the entire market.

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MEVVictimAlliance

· 19h ago

Nigeria is really getting serious now, and the privacy dreams in the crypto world are shattered. If you ask me, a combined punch of TIN and NIN will make life difficult for exchanges. Requiring real-name verification and regular reports, this process directly increases platform costs. Regulations are becoming stricter, how can small exchanges survive? So now, is it still risky to reveal your identity when doing crypto in Nigeria? This move actually benefits on-chain transactions more. They've moved to DEXs, indeed.

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MetaMuskRat

· 19h ago

Nigeria's approach is brilliant. Anyway, on-chain anonymity was never truly possible, so now they’re just directly tying identities. VASPs better cooperate obediently. --- Here comes another one. Regulation is truly everywhere; it's hard to even seek freedom. --- TIN paired with NIN—are they trying to make all our operations real-name? It's a bit hard to keep up. --- Speaking of which, if platforms have to submit monthly reports, what privacy do retail investors even have... Fine, there’s really no secret to begin with. --- I have to say, the government's combination punches are indeed professional. You can't hide on the chain either; it all depends on who can iterate faster.

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MemeCurator

· 19h ago

Nigeria's approach... directly implementing real-name registration in the crypto space, privacy is gone The government is too strict, transaction proceeds must be reported, no way to escape VASP companies now have to spend money on compliance, costs are skyrocketing Both ID cards and tax numbers, there's no way out Now on-chain transactions are completely transparent, how can we continue to play?

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JustHodlIt

· 20h ago

Damn, now Nigerians are going to be watched to death HODL, what else can I do... once my real identity is linked, the game is over By the way, this combo of TIN+NIN is actually pretty ruthless, there's no way to defend against it Platform monthly report data? Isn't this just a disguised way of forcing exchanges to act as informants Such policies will only increase in the future, sooner or later every country will face them KYC hell is approaching us... Nigeria is about to register all crypto users' information Compliance costs are rising, and ultimately retail investors will bear the brunt Now it's impossible to stay low-key and HODL Recalling what I said before, the chain never sleeps, but government eyes are even more vigilant It's been obvious for a long time that decentralization will eventually be overtaken by centralization The wealthy use cold wallets, the poor are forced to hand over their exchanges, and class division begins with taxation But Nigeria is definitely ahead of the curve, while Europe and America are still hesitating That's why I say, true Web3 is getting further and further away from us

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HalfIsEmpty

· 20h ago

Damn, Nigeria is really aiming to make the crypto space completely transparent True identity binding transactions... If the domestic scene adopts the same approach, I’ll just quit the industry VASP platforms are suffering, costs are skyrocketing, and in the end, it’s still the retail investors who pay the price Governments in Africa are also starting to learn how to exploit the system Whenever regulation comes, prices drop—this pattern is so accurate If this continues, is there even any privacy left? Might as well just use traditional finance Feels like we’re one step closer to full real-name verification, where’s the cypherpunk spirit? Nigeria’s move is ruthless, directly cutting off the lifeline of VASP Is the domestic scene also pondering similar plans? Feeling a bit anxious By the way, does this affect P2P transactions? All large transactions need to be reported, so can I still hide my small targets? Haha Everyone is equal before regulation, but the coins in your wallet are not The government loves to do this; anyway, we can’t hide from it

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