FG Plans New Taxes, Regulation for Cryptocurrency by September

The Federal Government has announced plans to introduce new tax laws by September, which will include regulations for the cryptocurrency industry.

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, made this known over the weekend at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in Lagos.

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Adedeji highlighted the absence of current legal frameworks governing cryptocurrency in Nigeria, calling for the urgent need for regulation.

He noted that Nigeria’s cryptocurrency industry is estimated to be worth up to $400 million and is one of the largest in Africa, with 33% of the country’s population holding one form of cryptocurrency.

The FIRS boss emphasized the need for a law that regulates cryptocurrency transactions, citing the existence of such laws in other countries.

He assured that the Tax and Fiscal Reform Committee, set up by President Bola Tinubu, is working to address these concerns by September.