- Nigeriaโs FIRS has revealed a plan for crypto regulation.
- The development came amid a broader push for a tax system overhaul.
- The FIRS chairman assured that the regulation wouldnโt be โinjuriousโ to Nigeriaโs economic development.
Nigeriaโs Federal Inland Revenue Service (FIRS) is drumming up support for a new Executive Bill that seeks to reform the countryโs tax administration and introduce guidelines for cryptocurrency regulation.
FIRS chairman Zacch Adedeji disclosed the development on Saturday during a stakeholdersโ meeting in Lagos with a joint committee of the National Assembly on Finance, local media outlets reported.
Nigeria Races to Regulate Crypto
According to one report, Adedeji said the move to regulate crypto would see Nigeriaโs economy tapping into the full potential of digital assets while mitigating their associated risks.
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โToday, we cannot run away from the cryptocurrency ecosystem because it is the in-thing. But as it stands in Nigeria today, there is no law that regulates cryptocurrency operations. We need a law that regulates that area of our economy.โ Adedeji stated. โWe will regulate it in a way that is not injurious to the economic development of Nigeria.โ
The tax watchdogโs move came after Nigeriaโs Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently urged the newly constituted Securities and Exchange Commission (SEC) board to address the gap in crypto regulation.
President Bola Tinubu approved the boardโs mandate in April this year, ushering in Nigeria’s new era of financial regulation. Since then, the SEC has initiated a process to amend the countryโs Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody.
The SEC said the amendment aimed to expand the regulationโs scope to match โcurrent realities.โ
Stay updated on Tigran Gambaryanโs ongoing detention in Nigeria:
Tigran Gambaryan Denied Access to Lawyers as Health Deteriorates
Read about Ghanaโs newly proposed crypto regulation rules:
Ghana Proposes Crypto Exchange Regulation Rules to Protect Consumers
