According to CoinMeta, the Nigerian Tax Service has issued a "Virtual Assets Tax Guidance" that includes cryptocurrencies, stablecoins, and NFT among other digital assets within the tax system. The guidance, released on July 31, stipulates that profits generated from the disposal, exchange, or transfer of virtual assets are subject to taxation, as are earnings from activities such as mining, staking, verification, airdrops, and token rewards. Virtual assets are valued based on the market prices of exchanges recognized by the tax service. Individuals and businesses are required to keep transaction records, while providers of virtual asset services must register for taxation and report large or suspicious transactions. SEC is responsible for regulating securities-based virtual assets.