The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry.
Speaking over the weekend at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in Lagos, Adedeji highlighted the absence of current legal frameworks governing cryptocurrency in Nigeria, calling for the urgent need for regulation.
Nigeria’s cryptocurrency industry is estimated to be worth up to $400 million and one of the largest in Africa around 33% of the country’s population holds one form of cryptocurrency.
He said, “Part of the reason President Bola Tinubu set up the Tax and Fiscal Reform Committee is to check these lapses and take care of the concerns by September.”
“While we cannot avoid cryptocurrency as there is no law in Nigeria presently regulating it, there is a need for a law that regulates this line of transaction. This is what is applicable in other countries of the world.”
