A Crucial Call for Participation in a Survey from the Virtual Asset Service Providers Association (VASPA)
The Nigerian virtual asset sector is on the cusp of a major transformation, highlighted by the new tax laws under the Nigeria Tax Administration Act (NTAA), set to commence on 1 January 2026. This milestone marks a significant step toward industry legitimation, but it also presents complex operational and compliance challenges for every Virtual Asset Service Provider (VASP).
As the leading Africa-focused advocacy group, VASPA is mobilizing to ensure that the implementation of these new tax laws and regulatory guidelines is practical, workable, and supportive of growth. We believe that regulation should be informed by the operators on the ground—which is why your participation in this critical industry insight survey is crucial.
The Imperative: Why Your Data is Vital Now
Your responses are being collected for a singular, high-stakes purpose: to inform VASPA’s “Expert Working Paper: Achieving Regulatory Harmony and Tax Certainty for Nigeria’s Virtual Asset Sector (2025–2026).”
This working paper will be the definitive reference material we use to engage directly with the Federal Inland Revenue Service (FIRS) or the Nigeria Revenue Service (NRS), the Federal Ministry of Finance, and other relevant regulatory bodies and stakeholders in the coming months.
This is perhaps your industry’s final, best chance to influence the foundational interpretations and operational guidelines before the new tax regime commences.
Highlights of the Survey Coverage
The Virtual Asset Industry Insight Survey: Regulatory and Tax Environment in Nigeria is designed to capture a 360-degree view of the VASP experience, focusing on five critical areas:
Current Regulatory Environment
Gauging the clarity and operational impact of existing frameworks from the SEC, CBN, and others on your daily operations.
Taxation and Compliance Readiness
Assessing your initial view on the new NTAA tax laws and identifying your single biggest anticipated challenges in transactional reporting and cost basis calculation.
Implementation of New Laws
Understanding your expectations for the transition and identifying the most critical support measures needed from the NRS/FIRS (e.g., technical workshops, digital reporting infrastructure, or temporary penalty suspension).
Regulatory Certainty and Stability
Determining how policy predictability impacts your future investment and expansion decisions in Nigeria.
Industry Development and Growth
Identifying areas of greatest opportunity for the sector (e.g., remittances, DeFi, tokenization) and how regulators can best balance innovation with consumer protection.
Direct Benefits of Participating in the Survey
By dedicating 15 minutes to complete this survey, you are directly investing in the operational certainty and stability of your business:
- Mitigate Operational Friction: Your input will directly influence VASPA’s advocacy for clear, technical guidance on data formatting and reporting, potentially saving your team countless hours of compliance work.
- Achieve Tax Certainty: We will use your data to argue for harmonized definitions of taxable events and practical approaches to complex issues like cost basis calculation, reducing your future tax risk.
- Influence Enforcement Approach: The survey provides a dedicated space for you to advise tax authorities on how to approach past tax liabilities, including the consideration of a tax holiday or reduced enforcement to stabilize the nascent industry.
- Gain a Competitive Edge: Supporting a cohesive, well-defined regulatory framework accelerates the legitimization of the entire sector, attracting Foreign Direct Investment (FDI) and separating compliant VASPs from the unregulated market.
Assurance of Anonymity and Confidentiality
Your responses will be treated with the utmost anonymity and confidentiality.
We have also made provision for anonymous participation in the survey. We assure you that this survey is strictly for policy and regulatory engagements with the FIRS/NRS and other relevant regulators and stakeholders. Your individual data will be aggregated and analyzed to form statistical insights and policy recommendations only. No individual VASP response will ever be publicly identified or shared with any regulatory body.
VASPA is dedicated to protecting our members and stakeholders while building a prosperous, well-regulated digital economy. Please click the link below to access the survey and ensure your VASP’s voice is heard today.
[Click to Go to Survey]—Please complete and submit the survey by 31 October 2025.
Thank you for your anticipated participation.
