The Federal Inland Revenue Service (FIRS) of Nigeria is about to ask lawmakers to support a broad new law that will regulate cryptocurrency in the country.
This was talked about by FIRS Executive Chairman Zacch Adedeji at a recent meeting with the National Assembly’s Finance Committees. The suggested law, which should be put forward in September, is part of an overall strategy to change Nigeria’s tax system.
Adedeji said that the upcoming bill would deal with the growing cryptocurrency industry, hoping to take advantage of its economic benefits while lowering the risks that come with it.
Overhauling Nigeria’s Tax Laws
This change is being made because the digital economy is growing so quickly and laws need to be updated right away to keep up with it.
Adedeji stressed how important it was to regulate cryptocurrencies and asked that the FIRS and politicians work together closely to write and pass the bill. The bill will focus on both cryptocurrencies and updating old tax rules so they work better in the digital age.
The Nigerian government is becoming more aware of how important digital assets are, as shown by this attempt.
On July 9, Wale Edun, who is the Nigerian Minister of Finance and Coordinating Minister of the Economy, asked the newly named Securities and Exchange Commission (SEC) board to take on the difficult task of regulating cryptocurrencies.
The SEC has already started to change its rules on issuing, exchanging, and storing digital assets so that they are more in line with how the world of digital assets is changing.
The new board of the SEC, which was chosen by President Bola Tinubu on April 19, 2024, is a significant shift in how financial regulations work. Director-General Katuka, Executive Commissioner of Legal and Enforcement Emomotimi Agama, and Executive Commissioner of Operations Bola Ajomale are some of the board members who are expected to play important parts in this change in regulation.
The cryptocurrency community has also asked the Nigerian government and officials to take a balanced approach to regulating virtual assets. They stress the need for responsible oversight over punitive measures to get the market going again.
