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Starting January 2026, financial institutions and Virtual Asset Service Providers (VASPs) will require taxpayer identification numbers (TINs) to ensure compliance with Nigerian taxation. Users will need to validate their TINs when making transactions, including monthly crypto reporting and details. Failure to comply will result in a fine of approximately ₦10 million. VASPs will therefore be required to report all user transactions monthly.
Certainly, enforcing TINs in the crypto world will significantly impact users, crypto exchanges, and the crypto market in Nigeria. This will likely lead to many crypto users preferring global crypto exchanges over local ones. It appears that this TIN regulation is biased towards political and financial factors to extract funds from the public in the form of crypto taxes.
Certainly, enforcing TINs in the crypto world will significantly impact users, crypto exchanges, and the crypto market in Nigeria. This will likely lead to many crypto users preferring global crypto exchanges over local ones. It appears that this TIN regulation is biased towards political and financial factors to extract funds from the public in the form of crypto taxes.