Nigeria releases virtual asset tax guidelines, requiring taxes on mining, staking, and airdrop income

According to The Nation Online, the Nigerian Taxation Authority has released the "Virtual Asset Tax Guide", which includes digital assets such as cryptocurrencies, stablecoins, and NFTs in the tax system. The guide was released on July 31st, stipulating that profits generated from the disposal, exchange, or transfer of virtual assets are subject to taxation, and income from activities such as mining, staking, verification, airdrops, and token rewards are also subject to taxation. Virtual assets are valued at market prices recognized by the tax bureau on exchange platforms, and individuals and businesses are required to keep transaction records. Virtual asset service providers are required to register for taxation and report large or suspicious transactions. The SEC is responsible for regulating securities related virtual assets.