Nigeria's Federal Inland Revenue Service (FIRS) is moving towards introducing a crypto regulation bill, aiming to reform the country's tax system with a special focus on digital currencies.
Local news reported that FIRS Executive Chairman Zacch Adedeji announced the bill during a stakeholder meeting with members of the National Assembly's Finance Committees.
Adedeji emphasized the need for laws that address both the opportunities and risks of the crypto market. Thus, the bill seeks to ensure Nigeria can benefit from the growth of digital currencies while minimizing potential risks.
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Adedeji also noted that the growth of the digital economy has exposed gaps in Nigeria's outdated tax laws and added:
We cannot run away from the crypto ecosystem because it is the in-thing. But as it stands in Nigeria today, there is no law that regulates cryptocurrency operations.
The proposed legislation aims to simplify tax laws, unify revenue collection processes, and update outdated tax regulations with modern frameworks.
The Nigerian government's effort to modernize the country's tax system coincides with the appointment of the new Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, known for his supportive stance on cryptocurrencies.
With these changes, Nigeria is on the verge of improving its financial regulatory landscape, making it better suited for the digital age.
