The issue is not whether crypto should be taxed.

The Digital Assets Coalition says it supports taxing profits from virtual assets, registering crypto platforms, verifying customers and requiring proper transaction reporting.

The disagreement is about how some of the taxes are being applied. 

What the new rules cover

The guidelines cover cryptocurrencies, stablecoins, NFTs and other virtual assets.

They apply to more than people who trade crypto. Freelancers who receive payments in crypto, businesses that accept digital assets, miners, stakers, exchanges and wallet providers are also covered. 

Under the framework, selling or swapping virtual assets can create a tax obligation. Income from activities such as mining, staking, DeFi rewards and receiving crypto as payment for work can also be taxable.

Simply holding crypto or moving it between your own wallets does not, by itself, trigger tax. 

The underlying tax law already treats digital and virtual assets as chargeable assets and provides rules for transactions involving them. 

So what is the problem?

The coalition’s biggest concern is that some charges are based on the transaction itself, rather than the profit made.

The guidelines provide for a 1.5% stamp duty on conversions between naira and digital assets, while a 1% withholding tax applies to the sale of certain virtual assets. 

That creates a problem in situations where there is no profit.

For example, someone could sell crypto at a loss and still have withholding deducted from the transaction value.

A freelancer could also receive income in crypto, pay the applicable income tax on that income, and later face the transaction-related charges when converting the crypto to naira.

This is why the coalition’s position is essentially:

Tax the profit, not the movement of money. 

There is also a question about paying tax in crypto

The coalition has challenged the guideline’s provision around remitting taxes in digital tokens.

Its argument is that Section 39 of the Nigeria Tax Administration Act, 2025 provides for taxes to be paid in recognised currency, while virtual assets are not legal tender in Nigeria. 

That is a point worth watching as implementation begins.

Why this matters to freelancers

For many Nigerians, crypto is not just an investment.

It is also a way to receive international payments, move money across borders and save value.

That means the new rules could affect people who may not even consider themselves crypto traders.

The important thing now is to understand what each transaction represents and keep proper records.

For anyone receiving crypto for work, that means keeping things like invoices, payment records, transaction dates, wallet records and the value of the asset when it was received.

The new framework also requires detailed virtual asset records to be kept for six years. 

What happens next?

The Digital Assets Coalition is asking the NRS to pause implementation and consult with industry stakeholders.

Its proposed changes include taxing actual gains rather than gross transactions, collecting taxes in naira and creating exemptions for small-value transactions, while keeping registration and reporting requirements for operators. 

The debate is still developing.

But one thing is clear: crypto taxation in Nigeria has moved from policy discussion to something users and businesses now have to pay attention to.