Nigeria implements new crypto oversight approach focusing on tax and identity systems instead of blockchain surveillance. Tax reforms require linking transactions to Tax Identification Numbers and National Identification Numbers. This aims to make crypto activity visible to tax authorities without monitoring blockchain infrastructure directly. VASPs must report transaction details and customer identification data, including NINs for individual users. Authorities can request additional information and flag suspicious transactions. Nigeria’s model aligns with OECD’s Crypto-Asset Reporting Framework, signaling intent to integrate into global reporting network.

Read more at CoinTelegraph: Nigeria Uses Tax IDs to Trace Crypto Activity Without Onchain Monitoring