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The Nigerian Federal Inland Revenue Service (FIRS) has announced its plans to seek the National Assembly’s support for a new law to regulate cryptocurrency in the country.
According to local reports, this announcement was made by FIRS Executive Chairman Zacch Adedeji during a stakeholder engagement with the National Assembly’s Finance Committees on Saturday.
The proposed legislation aims to manage the growing cryptocurrency industry and make sure it benefits Nigeria’s economy while reducing potential risks. Adedeji said that a new bill will be introduced in September to update Nigeria’s tax system. This bill is expected to simplify and modernize existing tax laws, including those related to digital assets.
During the meeting, Adedeji emphasized that the regulation of cryptocurrencies is essential as the digital economy continues to grow. He stressed that it’s important to have a clear set of rules for this area to protect the economy. The FIRS is inviting lawmakers to collaborate on the proposed bill
“Today, we cannot run away from cryptocurrency, but as we stand today, there is no law anywhere in Nigeria that regulates cryptocurrency. We cannot run away from it”
FIRS Executive Chairman Zacch Adedeji
Moreover, the proposed bill is also expected to replace old tax regulations with new ones that better fit today’s digital world. For example, the Stamp Duty Act of 1939 will be updated to reflect current needs.
Also Read: Nigerian Court Freezes $38M in Cryptocurrency Linked to Protests
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