**Nigeria Plans Comprehensive Crypto Regulation**
Nigeria’s Federal Inland Revenue Service (FIRS) is gearing up to propose a new law to regulate cryptocurrency, aiming for National Assembly support. FIRS Executive Chairman Zacch Adedeji announced the plan during a recent session with Finance Committees, targeting a September introduction.
**Key Points:**
- **Modernizing Tax Laws:** The proposed legislation aims to overhaul Nigeria's tax system, focusing on the burgeoning cryptocurrency sector.
- **Economic Benefits:** Adedeji highlighted the need for clear rules to harness crypto's benefits while mitigating risks.
- **Collaborative Effort:** FIRS seeks to work closely with lawmakers to draft and implement the bill.
- **SEC Involvement:** The Securities and Exchange Commission (SEC) is also updating its rules on digital assets, with new board members set to enhance regulatory frameworks.
This move underscores Nigeria's recognition of digital assets' growing importance and the need for updated legal frameworks to keep pace with technological advancements.