The Nigerian government has passed a new tax law that makes crypto transactions traceable and included in the tax reporting system.

According to Mars Finance, market sources indicate that the Nigerian government has passed a new tax law that links crypto transactions to real identities using Tax Identification Numbers (TINs) and National Identity Numbers (NINs). This makes crypto transactions traceable and included in the tax reporting system without requiring the cracking of the blockchain itself. Virtual Asset Service Providers (VASPs) are required to collect and report customer TINs/NINs, names, addresses, and other information, and to submit monthly transaction data reports to the tax authorities as required. They are also required to report large or suspicious transactions to law enforcement agencies.