Nigeria Set to Introduce New Law For Crypto Taxation

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Nigeria is gearing up for a major shift in its cryptocurrency landscape as the Federal Inland Revenue Service (FIRS) plans to introduce a new law aimed at regulating the sector. During a recent meeting with the National Assembly’s Finance Committees, FIRS Executive Chairman Zacch Adedeji announced the agency’s intention to seek legislative support for a comprehensive bill set to be introduced in September.

Adedeji emphasized that the new legislation would not only address the cryptocurrency industry but also ensure that Nigeria benefits from this economic sector while mitigating associated risks. The proposed regulatory framework reflects the government’s recognition of the need for updated legal structures to keep pace with technological advancements.

An Outdated Tax System

Adedeji highlighted the importance of regulating cryptocurrencies as part of a broader effort to modernize Nigeria’s tax system. He pointed out that many of the country’s existing tax laws are outdated and no longer adequately address the realities of today’s digital world.

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The new legislation, therefore, aims to create a clear and comprehensive set of rules that will protect the economy and provide a stable environment for the cryptocurrency industry to thrive.

The FIRS chairman called for close collaboration between the tax authority and lawmakers to ensure the effective drafting and implementation of the proposed bill. This partnership is seen as crucial to crafting a legal framework that balances innovation with economic security, reflecting the government’s proactive approach to digital asset regulation.

Nigerian SEC’s Role

Nigeria’s regulatory bodies have already begun to address the complexities surrounding cryptocurrency regulation. On July 9, Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, urged the newly inaugurated Securities and Exchange Commission (SEC) board to take a leading role in this area.

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The SEC has since moved to amend its rules on digital asset issuance, as well as the operations of platforms, exchanges, and custodians. These amendments are designed to create a more responsive and robust regulatory framework for the evolving digital asset markets.

A March report highlighted the Nigerian SEC’s proposal to increase the registration fees for crypto exchanges, signaling a more stringent regulatory environment ahead.

In addition to these regulatory efforts, there has been growing advocacy among Nigerian stakeholders for the classification of Bitcoin and Ether as commodities. Such a classification could further integrate these digital assets into Nigeria’s economic fabric, providing clearer guidelines for their use and taxation.

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