Nigeria tax regulator proposes full implementation of cryptocurrencies

Nigeria's tax regulator, the Federal Inland Revenue Service (FIRS), plans to seek the support of the National Assembly for a comprehensive new law to regulate cryptocurrencies in the country. Zacch Adedeji, executive chairman of FIRS, announced plans to introduce a proposed legislation in September at a recent stakeholder exchange meeting with the National Assembly's Finance Committee as part of a broader effort to reform Nigeria's tax system. Adedeji said the new bill will target the growing cryptocurrency industry to ensure that its advantages serve the Nigerian economy while mitigating potential risks. The regulatory initiative is a response to the rapidly evolving digital economy and the need to update the legal framework to keep up with technological advances.