Starting in 2026, Crypto Startups in Nigeria that Evade Taxes Risk Losing Their Licences and Facing Fines of up to ₦10 Million
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Nigeria’s crypto ecosystem is one of the fastest-growing in the world. From bustling peer-to-peer markets to innovative exchanges, the sector has given millions of Nigerians new opportunities to invest, trade, and build wealth. However, starting in 2026, the industry is poised for a significant shake-up.
What crypto startups must do to stay compliant
The NTAA outlines clear rules for VASPs, including:
✅ Registration – All VASPs must register with tax authorities.
✅ Transparent records – Startups must keep accurate records of users and transactions.
✅ Reporting obligations – Large or suspicious transactions must be reported to the Nigerian Financial Intelligence Unit (NFIU).
✅ Crypto taxation – All crypto transactions, whether buying, selling, or paying for goods and services, will be taxed based on the asset’s market value at the time of the transaction.
Even individuals earning through mining, staking, airdrops, bounties, or crypto salaries are not exempt.
The penalties for ignoring the law
The consequences for non-compliance are steep:
₦10 million fine in the first month of default.
₦1 million monthly fine for every additional month until compliance.
Suspension or revocation of licences by the SEC for persistent violators.
In other words, failure to comply isn’t just expensive—it could completely shut down a startup’s operations.
What this means for startups and users
For startups, this is a wake-up call. Investing in strong compliance frameworks, tax consultants, legal advisors, KYC systems, and reporting tools is no longer optional. It’s the only way to survive and thrive in the new environment.
For users, expect some platforms to adjust their fees to cover compliance costs. However, the upside is that the industry will likely become safer, more transparent, and more attractive to institutional investors who have been waiting on the sidelines.
Conclusion
Nigeria is sending a bold message: the future of crypto in the country will be built on accountability and compliance. Starting in 2026, crypto startups must pay their dues, or pay the price.
At BCT Limited, we believe this shift opens up opportunities for responsible innovation. With the right strategies, crypto businesses can stay compliant, build trust, and position themselves as leaders in a regulated market.
The time to prepare is now, because in the world of crypto, non-compliance is simply too expensive.
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