FG mandates daily crypto transaction logging for tax compliance

Nigeria's National Revenue Service (NRS) now requires digital asset exchanges to upload customer transaction logs daily into a centralized government portal, effective January 2026. The policy aims to expand Nigeria's tax base and address budget deficits by formalizing cryptocurrency taxation. Industry executives, including Luno Nigeria CEO Ayotunde Alabi, confirm exchanges must track and report trades to the NRS system, though implementation remains unclear. Compliance challenges persist: no crypto exchanges hold full operating licences, enforcement mechanisms are undefined, and offshore platforms serving Nigerian users operate beyond domestic reach. While Luno Nigeria uploads logs daily, other startups like Dantown have yet to begin reporting due to data verification requirements. The NRS portal lacks clarity on tax calculation methods, loss treatment, and P2P trading capture. Enforcement gaps could drive customers to non-compliant offshore exchanges, creating uneven competition. Industry players are collaborating with auditors like PwC and KPMG to automate reporting, but policy credibility hinges on regulators building consistent enforcement means.

SOURCE: https://techcabal.com/2026/02/26/crypto-startups-report-transactions-to-the-nrs/