Nigeria’s Tax Authority Proposes New Cryptocurrency Regulation Law
Nigeria’s Federal Inland Revenue Service (FIRS) is preparing to propose a new law to regulate cryptocurrencies, aiming to secure support from the National Assembly.
FIRS Executive Chairman Zacch Adedeji revealed this plan during a recent meeting with the National Assembly’s Finance Committees. The new legislation, expected to be introduced in September, is part of a broader initiative to update Nigeria’s tax regulations.
Adedeji highlighted that the bill will address the expanding cryptocurrency sector, ensuring that its advantages benefit the Nigerian economy while addressing potential risks. This move reflects the need for modern legal frameworks to keep pace with technological advances in the digital economy.
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The legislation will focus on establishing clear regulations for cryptocurrencies and modernizing outdated tax laws. This effort comes as the Nigerian government acknowledges the growing significance of digital assets.
In related developments, Nigerian Finance Minister Wale Edun has urged the Securities and Exchange Commission (SEC) to tackle the complexities of cryptocurrency regulation. The SEC has begun revising its rules for digital asset issuance and exchanges to better adapt to the evolving market.
The recent appointments to the SEC board, approved by President Bola Tinubu in April 2024, are anticipated to drive significant regulatory changes. The crypto community is advocating for thoughtful regulation rather than restrictive measures.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
