Crypto news: Nigeria’s FIRS Seeks Legislation to Regulate Cryptocurrency
The Nigerian Federal Inland Revenue Service (FIRS) has revealed its intention to seek the National Assembly’s support for a new law aimed at regulating blockchain in the country.
FIRS Executive Chairman Zacch Adedeji made this announcement during a stakeholder engagement with the National Assembly’s Finance Committees on Saturday, according to local reports.
The proposed legislation is designed to manage the expanding blockchain industry, ensuring it contributes positively to Nigeria’s economy while minimizing potential risks. Adedeji mentioned that a new bill, slated for introduction in September, will aim to modernize Nigeria’s tax system. This bill will simplify and update existing tax laws, particularly those related to digital assets.
During the meeting, Adedeji highlighted the necessity of regulating blockchains as the digital economy continues to grow. He emphasized the importance of establishing clear rules to safeguard the economy, and invited 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,” said FIRS Executive Chairman Zacch Adedeji.
Additionally, the proposed bill is expected to replace outdated tax regulations with provisions that are better suited to the current digital landscape. For instance, the Stamp Duty Act of 1939 will be revised to address modern needs.
