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

【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.