According to CoinMeta, as reported by The Nation, the Nigerian Tax Service (NRS) has issued guidelines for taxing virtual assets, clearly stipulating that profits generated from the sale, exchange, and transfer of crypto assets must be taxed in accordance with the law. In addition, incomes from mining, staking, verification, airdrops, and token rewards are also subject to taxation. Exchanges, custodians, and other virtual asset service providers (VASP) are also required to complete tax registration and fulfill their obligations to report transactions and keep records.