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Nigerian Government Passes New Tax Law, Cryptocurrency Transactions Traceable and Included in Tax Reporting System
Summary: According to TechCabal, the Nigerian government has passed a new tax law that links cryptocurrency transactions to real identities using Tax Identification Numbers (TIN) and National Identification Numbers (NIN), allowing for traceability and inclusion in the tax reporting system without the need to decrypt the blockchain itself. Virtual Asset Service Providers (VASPs) are required to ...
According to TechCabal, the Nigerian government has passed a new tax law that links cryptocurrency transactions to real identities using Tax Identification Numbers (TIN) and National Identification Numbers (NIN), allowing for traceability and inclusion in the tax reporting system without the need to decrypt the blockchain itself. Virtual Asset Service Providers (VASPs) are required to collect and report customer TIN/NIN, names, addresses, and monthly transaction data to tax authorities, as well as report large or suspicious transactions to law enforcement agencies.
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Link: Nigerian Government Passes New Tax Law, Cryptocurrency Transactions Traceable and Included in Tax Reporting System [Copy]
