In a significant move towards regulating the cryptocurrency sector, Nigeria has announced new requirements for Virtual Asset Service Providers (VASPs) that will come into effect in February 2025. As stated in the official source, this initiative aims to enhance transparency and ensure proper tax compliance within the rapidly evolving digital asset landscape.
New Regulations for VASPs in Nigeria
Under the proposed regulations, VASPs will be mandated to submit comprehensive transaction reports to the Nigerian Federal Inland Revenue Service. These reports will detail various aspects of transactions, including types, specific dates, volumes, and customer identification information.
Goals of the New Reporting Requirements
The introduction of these regulations is part of a broader effort to establish a more structured framework for the cryptocurrency market in Nigeria. By implementing these reporting requirements, the government aims to facilitate accurate tax assessments and mitigate potential tax evasion in the burgeoning digital economy.
The recent record fine imposed on Dunamu highlights the growing emphasis on compliance within the VASP sector, contrasting with Nigeria's upcoming regulations for Virtual Asset Service Providers. For more details, see read more.
