The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has announced that the Service will be seeking the collaboration of the National Assembly to establish a legal framework for the cryptocurrency industry. Adedeji made this declaration during a stakeholder engagement with the Senate and House Committee on Finance, organized by the Intergovernmental Relations Department of the FIRS, with the theme “Repositioning The FIRS To Achieve Its Mandate”.
Adedeji emphasized the need for a clear regulatory framework to ensure the crypto industry’s growth and development, while also addressing potential tax evasion and other financial risks. The proposed law aims to provide a comprehensive regulatory framework for cryptocurrency transactions, exchanges, and related activities.
The stakeholder engagement marked a significant step towards establishing a clear legal framework for the crypto industry, with the FIRS seeking the National Assembly’s support to enact the necessary legislation. This move is expected to provide clarity and certainty for businesses and individuals operating in the cryptocurrency space, while also ensuring that the industry contributes to the country’s tax revenue.
Cryptocurrency platforms have been subjected to intense scrutiny following the exit of Binance, which was accused by the Nigerian government of manipulating the naira-to-dollar exchange rate.
