Nigeria launches new crypto regulation: exchanges face strict data reporting and identity verification requirements

【ChainNews】The Nigerian government launched a large-scale cryptocurrency market regulation reform at the start of 2026. Starting from January 1st, all cryptocurrency transactions must be linked to real identities through Taxpayer Identification Number (TIN) and National Identity Number (NIN), which is the core requirement of the 2025 Nigerian Tax Administration Act. The newly established Nigerian Revenue Service (NRS) is leading the implementation of this policy.

The government’s intention is clear: to bring the massive informal crypto economy under regulatory oversight and establish a traceable, transparent digital asset ecosystem. Virtual Asset Service Providers (VASPs) are now required by law to complete customer tax identity verification before activating accounts or providing any services.

For exchanges, the pressure is even greater. Registered platforms face strict data collection and reporting obligations—submitting transaction detail reports to the Nigerian Revenue Service every month. This is not optional. The first violation will incur a fine of 10 million Naira, and repeated violations each month will be fined 1 million Naira. More severely, the Securities and Exchange Commission holds the ultimate weapon: exchanges that fail to meet transparency standards will have their licenses revoked.

The effectiveness of this combined approach depends on enforcement. But for platforms operating in the country, it is clear that they need to quickly adjust their compliance strategies.