As a seasoned crypto investor with roots deeply entrenched in Nigeria, I welcome the proactive stance of the Federal Inland Revenue Service (FIRS) towards regulating cryptocurrency. My personal journey into digital assets has been fraught with uncertainties and potential risks due to the absence of clear regulations.
The Nigerian Federal Inland Revenue Service (FIRS) has disclosed its intentions to request backing from the National Assembly to establish a new set of rules governing the use of cryptocurrencies within the nation.
As per local news sources, Zacch Adedeji, the head of FIRS, made this statement during a meeting with the Finance Committees of the National Assembly on Saturday as part of their stakeholder discussions.
The legislation under consideration seeks to regulate the burgeoning cryptocurrency sector in a manner that fosters economic growth for Nigeria while minimizing potential hazards. Deemed as Adedeji, he mentioned that a fresh bill is set to be presented in September, focusing on upgrading Nigeria’s tax structure. This upcoming legislation aims at streamlining and modernizing existing tax regulations, encompassing those pertaining to digital assets.
At the gathering, Adedeji underlined the necessity of regulating cryptocurrencies because the digital economy is expanding. He highlighted that it’s crucial to establish a definitive set of guidelines for this sector to safeguard the economy. The FIRS is calling on legislators to work together on drafting the proposed legislation.
Currently, it’s impossible to ignore cryptocurrencies, yet at this moment, there are no legal frameworks governing them within Nigeria. In simpler terms, we find ourselves unable to avoid dealing with cryptocurrencies.
FIRS Executive Chairman Zacch Adedeji
Furthermore, the suggested legislation aims to modernize tax laws by introducing fresh regulations more suitable for today’s digital era. To illustrate, the Stamp Duty Act of 1939 is expected to undergo updates to align with contemporary requirements.
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2024-08-18 03:16