The Federal Inland Revenue Service’s initiative to regulate cryptocurrency and update tax laws reflects a broader trend in Nigeria toward embracing and managing digital assets.
Nigeria’s tax authority, the Federal Inland Revenue Service (FIRS), plans to seek the National Assembly’s support for a comprehensive new law to regulate cryptocurrency in the country.
According to local news, FIRS Executive Chairman Zacch Adedeji made the announcement during a recent stakeholder engagement session with the National Assembly’s Finance Committees. The proposed legislation, which FIRS aims to introduce in September, is part of a broader effort to overhaul Nigeria’s tax system.
According to Adedeji, the new bill will address the growing cryptocurrency industry, ensuring that its benefits are harnessed for Nigeria’s economy while mitigating potential risks. This regulatory push is a response to the rapidly expanding digital economy and the need for updated legal frameworks to keep pace with technological advancements.
