To provide more clarity, the Nigeria Revenue Service (NRS) has released new guidelines on how virtual assets will be treated for tax purposes.

What are virtual assets?

Virtual assets include cryptocurrencies like Bitcoin and Ethereum, as well as other blockchain based digital assets recognised under Nigerian law.

If you buy, sell or receive these assets, the transaction may now have tax implications depending on the nature of the activity.

If you’re a freelancer, this matters too

Many Nigerian freelancers now accept payment in cryptocurrency from international clients.

Receiving payment in crypto doesn’t automatically remove your tax obligations. If you’re being paid for work you’ve done, it’s still income, even if the payment wasn’t made through a traditional bank transfer.

The focus isn’t just on investors

The new guidelines don’t only apply to people trading crypto every day.

They also introduce compliance requirements for Virtual Asset Service Providers, including exchanges and platforms that facilitate crypto transactions. These businesses are expected to maintain proper records, report certain transactions and comply with tax requirements. Failure to comply can attract significant penalties.

Good records matter more than ever

Whether you’re investing in crypto or receiving payments from clients overseas, it’s important to keep records of your transactions.

That includes:

* When you received payment

* The value of the asset at the time

* Invoices or agreements where applicable

* Transaction confirmations

Good documentation makes it easier to understand your finances and prepare for tax obligations when required.

That’s one of the reasons we’re building LessaTax. Not just to help you file taxes, but to help freelancers, remote workers and small business owners keep their income and supporting documents organised throughout the year.

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