Nigeria’s tax regulator proposes full crypto regulation

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. FIRS Executive Chairman Zacch Adedeji announced plans to launch the proposed legislation in September as part of a broad effort to reform Nigeria’s tax system during a recent stakeholder engagement meeting with the National Assembly’s Finance Committee. Adedeji said the new bill will target the growing cryptocurrency industry, ensuring its advantages serve the Nigerian economy while mitigating potential risks. The regulatory move is a response to the rapidly evolving digital economy and the need to update the legal framework to keep up with technological advances. (COintelegraph)