Nigeria's FIRS to introduce cryptocurrency regulation bill by September 2024
Nigeria's Federal Inland Revenue Service (FIRS) is set to introduce a bill aimed at regulating and taxing the cryptocurrency sector by September 2024. Zacch Adedeji, the Executive Chairman of FIRS, announced this initiative during a recent meeting with the National Assembly's Senate and House Committee on Finances.
Adedeji emphasized the urgent need for a legal framework to govern cryptocurrency transactions, stating that the absence of such regulations could hinder Nigeria's economic development. He noted that while cryptocurrencies are increasingly popular, the current lack of oversight poses risks that must be addressed to benefit the economy.
The proposed legislation is part of a broader effort to modernize Nigeria's tax system, which has been criticized for being outdated.
Adedeji highlighted that the new tax laws would not only regulate cryptocurrencies but also simplify existing tax frameworks and enhance revenue collection processes.
This move follows calls from Nigeria's Finance Minister, Wale Edun, urging the newly appointed Securities and Exchange Commission (SEC) board to tackle the challenges of cryptocurrency regulation. Edun emphasized the need for robust governance to prevent exploitation of Nigeria's minimal registration requirements.
As Nigeria's cryptocurrency market continues to grow, with an estimated worth of $400 million and a significant portion of the population involved, the introduction of regulatory measures is seen as a crucial step toward ensuring the sector's stability and contribution to the economy.
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