Abstract: A tap and valve assembly for selectively storing or dispensing fluid from a fluid container, comprising a tap body which attaches to the fluid container, a tap handle that inserts within the tap body and provides a structure for opening and closing the fluid passageway from the fluid container through the tap assembly, a valve housing having a tapered nose section, and a valve mechanism housed within the valve housing. As the tap body is inserted within the valve housing, the valve mechanism is opened creating a fluid passageway through the valve housing. A locking tab for securing the tap assembly in the closed position must be broken off before the tap may be rotated to the on position. A key mechanism ensures the assembly of matched tap and valve assemblies.