The Nigeria Revenue Service has said the Federal Government is working on a unified and business friendly regulatory framework for the cryptocurrency and broader virtual asset industry.

The Deputy Director and Tax Controller of the Non-Resident Persons Tax Office at the NRS, Oni Olushola, disclosed this at the second edition of the Nigeria Stablecoin Summit in Lagos.

Olushola said the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), NRS and the Presidency are now aligned on creating an enabling environment for virtual asset businesses in Nigeria.

The remarks come just as the tax agency released new Guidelines on the Taxation of Virtual Assets, which places up to 30 per cent tax obligations on medium and large virtual assets companies.

According to Olushola, the recent signing of the Presidential Executive Order on Virtual Assets Coordination, 2026, by President Bola Ahmed Tinubu is expected to address regulatory overlaps that have created compliance difficulties for businesses operating in the sector.

“What the President has done is to ensure that the virtual asset sector is stable. It’s obvious that we have different agencies with laws guiding crypto in the country, and it’s tedious to comply and inimical to business growth,” he said.

He said the Executive Order establishes a centralised governance structure for coordinating regulation of cryptocurrencies and digital assets, including the creation of a Virtual Asset Council chaired by the CBN.

The NRS official said the Federal Government is aware of the significant volume of capital flowing through the virtual asset ecosystem and the relatively low tax revenue currently generated from the sector.

He said the government’s objective is to create a framework that allows digital asset businesses to grow while improving tax compliance and revenue generation.

“We are committed to creating a system where digital assets will thrive and Nigeria will be a hub and model for virtual assets in Africa,” Olushola said.

“With the new order signed into law by President Tinubu, we will come up with a new virtual asset policy that is more friendly and improves the growth of the sector,” he added.

He also urged startups and emerging operators to begin complying with tax obligations early rather than waiting until they become established businesses.

The assurance came as crypto operators at the summit called on regulators to ensure that policies governing virtual assets are fair, transparent and sensitive to the realities of businesses in the sector.

Nathaniel Luz, President of the Africa Stablecoin Network and Convener of the summit, urged the NRS and other regulatory bodies to adopt a fair and humane approach to regulation and taxation.

“For years, the industry operated under a cloud of regulatory ambiguity that stifled institutional participation. New laws and guidelines established should be transparent and fair to all,” Luz said.

He said the growing alignment among the NRS, CBN, SEC and the Presidency indicates that the government increasingly recognises digital assets, particularly stablecoins, as potential infrastructure for trade, remittances and financial inclusion.

“Last year, we opened the door; this year, we are walking through it. The institutions gathered here are no longer here to speculate; they are here to build the payment rails that will power African trade for the next decade,” he said.

Meanwhile, Tosin N. Luz, Chief Executive Officer of Nexply Compliance, cautioned virtual asset operators to ensure that business expansion is matched by compliance with data privacy and consumer protection requirements.

The summit, organised by the Africa Stablecoin Network under the theme “New Vistas”, brought together more than 500 fintech leaders, policy experts, exhibitors and corporate representatives to discuss the development of virtual asset payments and cross-border settlement infrastructure across Africa.

As part of measures to track all transactions in the crypto industry, the NRS in its new Guidelines on the Taxation of Virtual Assets released earlier this week, imposed a duty on supervised VASPs and operators of all centralised exchanges and P2P marketplaces to operate as collecting agents for stamp duties (electronic transactional duties/levies), VAT, and withholding taxes on the transaction activities of virtual assets.

Transaction-Based Stamp Duties and Levies, like banks’ EMTL transaction taxes, also apply to crypto-registered transaction receipts, contract transfers, and exchange settlements. Mandatory Tax ID/TIN integration is required of registered exchanges and P2P escrow platforms.

All exchanges and P2P/escrow platforms are required to collect customers’ Tax ID/TIN in the registration process.