The Federal Inland Revenue Service (FIRS), Nigeria’s tax authority, is gearing up to introduce a bill aimed at regulating the cryptocurrency sector by the end of 2024.
During a recent stakeholder engagement session with the Finance Committees of the National Assembly, FIRS Executive Chairman Zacch Adedeji emphasized the need for laws to oversee the crypto industry. The proposed bill is expected to address the risks associated with cryptocurrencies while also contributing to the nation’s economic growth, as reported by Vanguard.
This new regulation is part of a broader strategy to modernize Nigeria’s taxation system in line with the country’s evolving economic landscape. Adedeji called for collaboration between the FIRS and lawmakers to ensure the successful introduction of the bill, with the first version expected to be presented in September.
Senator Mohammed Musa, Chairman of the Senate Committee on Finance, also spoke at the session, acknowledging that cryptocurrency has become the “largest way of making money.” He added that the bill would establish regulations to help Nigeria generate revenue for infrastructure and human capital development.
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