Nigeria’s tax watchdog has disclosed a new Executive Bill that includes provisions for crypto regulation.
Nigeria’s economic development would not be “harmed” by the regulation, according to the FIRS chairman.
Nigeria’s Federal Inland Revenue Service (FIRS) is mobilizing support for a new Executive Bill that aims to establish guidelines for cryptocurrency regulation and reform the country’s tax administration.
During a stakeholders’ meeting in Lagos with a joint committee of the National Assembly on Finance on Saturday, FIRS chairman Zacch Adedeji disclosed the development, according to local media outlets.
Adedeji stated in a report that the regulation of crypto would enable Nigeria’s economy to fully leverage the potential of digital assets while simultaneously reducing their associated risks.
“It would be foolish to ignore the bitcoin ecosystem now that it is all the rage. However, at the present time, no legislation governs the operations of cryptocurrencies in Nigeria. We must enact legislation to govern that sector of our economy.” Adedeji declared. “We will regulate it in a manner that does not impede Nigeria’s economic growth.”
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, recently urged the newly established Securities and Exchange Commission (SEC) board to resolve the gap in crypto regulation. Consequently, the tax watchdog took action.
In April of this year, President Bola Tinubu approved the board’s mandate, thereby inaugurating a new era of financial regulation in Nigeria.. The SEC has since begun a process to revise the country’s Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody.
The SEC stated that the rationale behind the amendment was to broaden the regulation’s application to align with “present circumstances.”
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