ChainCatcher reported that according to Cointelegraph, Nigeria’s tax regulator, the Federal Inland Revenue Service (FIRS), plans to seek the support of the National Assembly to formulate a comprehensive new law to regulate cryptocurrencies in the country.

The Executive Chairman of FIRS, Zacch Adedeji, announced plans to launch a proposed legislation in September as part of a wider effort to reform Nigeria’s tax system during a recent stakeholder engagement meeting with the National Assembly’s Finance Committee.

Adedeji said the new bill will target the growing cryptocurrency industry, ensuring its benefits serve the Nigerian economy while mitigating potential risks. This regulatory move is a response to the rapidly evolving digital economy and the need to update the legal framework to keep up with technological advances.