ABUJA — The Nigeria Revenue Service has issued guidelines on the taxation of cryptocurrencies and other virtual assets, following a presidential executive order in July. Virtual asset service providers and peer-to-peer operators that fail to comply face a fine of N10 million for the first month and N1 million for each month after. Failure to deduct tax attracts a penalty of 40 per cent of the amount. The rules cover cryptocurrencies, stablecoins and investment tokens, and rewards from staking, mining and decentralised finance are taxable when received.