TechFlow news, on August 19, according to CoinDesk, the Federal Inland Revenue Service (FIRS) of Nigeria plans to submit a draft cryptocurrency tax bill to parliament in September. According to The Punch Nigeria, FIRS Executive Chairman Zacch Adedeji revealed this plan during a meeting with the National Assembly's Committee on Finance. He stated that the bill aims to regulate cryptocurrencies through legislation to prevent harm to Nigeria's economic development.
Adedeji noted that other regions globally are also enacting laws to tax cryptocurrencies, so Nigeria must prepare accordingly to ensure that cryptocurrency regulation does not negatively impact the national economy. Last month, cryptocurrency exchange KuCoin announced it had begun charging value-added tax (VAT) on transaction fees for Nigerian users.
Some officials believe cryptocurrencies are one of the factors contributing to the depreciation of Nigeria's naira against the U.S. dollar. Central Bank Governor Olayemi Cardoso also accused cryptocurrency exchange Binance of allowing $26 billion in unmonitored funds to leave the country last year, harming tax revenues, which led to the arrest of Binance executive Tigran Gambaryan.
