Overview
- Virtual asset service providers must link users to verified identities using Tax Identification Numbers and National Identity Numbers and include those identifiers in filings.
- Platforms are required to submit monthly reports detailing service types, dates, asset values, and customer details, with authorities able to request additional data without prior notice.
- Providers must retain KYC and transaction records for at least seven years and report large or suspicious activity to tax authorities and the Nigerian Financial Intelligence Unit, aligning reporting with the OECD Crypto-Asset Reporting Framework from Jan. 1, 2026.
- Cryptocurrencies are treated as securities under the Investments and Securities Act 2025, placing the sector under the Nigerian Securities and Exchange Commission.
- Non-compliance carries financial penalties and potential license suspension or revocation, with reported fines ranging from ₦100,000 plus ₦10,000 monthly to up to ₦10 million then ₦1 million monthly.