TechFlow News, August 18, according to Cointelegraph, Nigeria's tax regulator, the Federal Inland Revenue Service (FIRS), plans to seek support from the National Assembly to introduce a comprehensive new law to regulate cryptocurrencies in the country. FIRS Executive Chairman Zacch Adedeji announced the plan at an exchange meeting with the National Assembly Finance Committee and is expected to be submitted in September. The bill aims to adjust Nigeria's tax system to ensure that the development of the cryptocurrency industry can benefit the economy while reducing potential risks. This regulatory move is a response to the rapidly expanding digital economy, highlighting the need to update the legal framework to adapt to technological advances.
Nigerian Finance Minister Wale Edun called on the newly formed Securities and Exchange Commission (SEC) board to address the complexity of 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. The recent appointments to the SEC board approved by President Bola Tinubu mark a new era in financial regulation. At the same time, the crypto community is urging the government and regulators to take responsible virtual asset regulation measures rather than relying on repressive measures to revitalize the market.