The Nigerian government has implemented a new tax law that allows cryptocurrency transactions to be tracked and included in the tax reporting system

According to market news, the Nigerian government has linked cryptocurrency transactions to real identities through a new tax law using Tax Identification Numbers (TIN) and National Identification Numbers (NIN), making cryptocurrency transactions traceable and included in the tax reporting system without the need to crack the blockchain itself.

Virtual Asset Service Providers (VASP) are required to collect and report customer TIN/NIN, name, address, and other information, while also submitting transaction data to tax authorities on a monthly basis as required, and reporting large or suspicious transactions to law enforcement agencies.