The Federal Government has announced plans to strengthen the regulation and taxation of virtual assets, with the Central Bank of Nigeria (CBN) expected to provide further details on its regulatory sandbox framework for the sector.
According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the new policy operationalises Nigeria’s tax laws as they apply to virtual assets, providing greater certainty for taxpayers and virtual asset service providers.
The statement said the framework is designed to strengthen voluntary tax compliance while ensuring that the rapidly growing virtual assets sector contributes fairly to national revenue.
It noted that the initiative complements existing regulatory frameworks by aligning revenue administration with the responsibilities of other participating government agencies.
The Nigeria Revenue Service (NRS) is expected to release additional implementation details.
The government also disclosed that it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction, implementation priorities and strategic roadmap for stakeholders operating within the digital assets ecosystem.
In addition, the relevant government council has been directed to develop a harmonised implementation framework within 30 days to guide participating agencies in executing the new policy and ensure its timely implementation.
The measures form part of the Federal Government’s broader efforts to establish a transparent, coordinated and innovation-friendly regulatory environment for virtual assets while safeguarding the country’s fiscal and financial interests.
