The Nigerian tax regulatory agency has proposed the comprehensive implementation of cryptocurrency

2024-08-18 20:31:40

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ChainCatcher news, according to Cointelegraph, Nigeria's tax regulatory agency, the Federal Inland Revenue Service (FIRS), plans to seek the support of the National Assembly to develop a comprehensive new law to regulate cryptocurrency in the country.

FIRS Executive Chairman Zacch Adedeji announced the plan to introduce proposed legislation in September during a stakeholder engagement meeting with the National Assembly's Finance Committee, which is part of a broader effort to reform Nigeria's tax system.

Adedeji stated that the new bill will target the rapidly evolving cryptocurrency industry, ensuring that its advantages serve the Nigerian economy while mitigating potential risks. This regulatory initiative is a response to the fast-growing digital economy and the need to update the legal framework to keep pace with technological advancements.

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