Accounting for Cryptocurrency and Digital Assets in Nigeria: Challenges and Emerging Standards (2015–2025)

The rapid growth of cryptocurrency and digital assets since 2015 has transformed global finance and introduced new complexities into accounting and financial reporting. These digital assets—based on blockchain technology—pose unique recognition, measurement, and disclosure challenges that traditional accounting frameworks were not designed to handle. Between 2015 and 2025, both international and Nigerian regulatory bodies have struggled to define coherent standards for classifying and reporting such assets. This study investigates the key challenges accountants face in the recognition and valuation of cryptocurrencies, explores emerging global and Nigerian standards, and proposes strategies for achieving transparency and comparability in financial statements. Drawing on secondary data, professional reports, and regulatory frameworks from the International Accounting Standards Board (IASB), Financial Accounting Standards Board (FASB), Central Bank of Nigeria (CBN), and Securities and Exchange Commission (SEC Nigeria), this paper reveals that inconsistent classification, valuation difficulties, and regulatory ambiguity remain major barriers to effective financial reporting. The study concludes by recommending fair value-based reporting, clear disclosure standards, and harmonized Nigerian guidelines to enhance accountability and investor confidence.