The Nigerian Federal Inland Revenue Service (FIRS) Schedules to Initiate Legislation to Tax the thriving Crypto Sector

By Abdul Rahman Bangura-

Photo Credit: Nairametrics

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- FIRS Executive Chairman Zacch Adedeji – Executive Chairman of FIRS told during a session with the National Assembly’s Finance Committees, emphasizing that, the new regulation would navigate
financial development while luring innovation.

Adedeji underscored that, this initiative intended for to modernize Nigeria’s old fashioned regulatory framework by encircling new
technologies previously unaddressed by existing laws.

“We need a law that regulates that area of our economy. This is why we are having this engagement with the legislators. We will regulate it in a way that is not injurious to the economic development of Nigeria.” Dare Adekanmbi – Adedeji’s Special Advisor divulged.

Industry experts have been exhorting the Nigerian Administration to accept this approach for a number of years. In 2021, when the
government banned financial institutions from interacting with the crypto space, Tayo Oyedeji, a university professor, suggested that
emerging economies should prioritize taxation over prohibition.

“Nigeria (a big crypto market) can make millions from crypto gains tax.” Nigeria is one of the largest crypto markets in Africa. The Nigerian SEC Director General Emomotimi Agama noted the Nigeria’s digital assets market is estimated to be worth over $400m.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent