TechFlow news, on August 18, according to Cointelegraph, Nigeria's tax regulatory body, the Federal Inland Revenue Service (FIRS), plans to seek support from the National Assembly to introduce a comprehensive new law regulating cryptocurrencies in the country. FIRS Executive Chairman Zacch Adedeji announced the initiative during discussions with the National Assembly’s Committee on Finance, with the bill expected to be submitted in September. The proposed legislation aims to adjust Nigeria’s tax system to ensure that the development of the cryptocurrency industry benefits the economy while minimizing potential risks. This regulatory move responds to the rapidly expanding digital economy and underscores the need to update legal frameworks to keep pace with technological advancements.
Nigeria’s Finance Minister Wale Edun has called on the newly appointed Securities and Exchange Commission (SEC) board to address the complexities surrounding cryptocurrency regulation. The SEC has begun revising its rules on digital asset issuance, platforms, exchanges, and custody to enhance the adaptability of the regulatory framework. Recent appointments to the SEC board, approved by President Bola Tinubu, mark a new era in financial regulation. Meanwhile, the crypto community is urging the government and regulators to adopt responsible virtual asset regulations rather than relying on crackdowns to revitalize the market.
