According to BlockBeats, on August 18, Nigeria’s tax regulator, the Federal Inland Revenue Service (FIRS), plans to seek support from the National Assembly to enact comprehensive new laws to regulate cryptocurrencies in the country.

FIRS Executive Chairman Zacch Adedeji announced during a meeting with the National Assembly’s Finance Committee that the proposed legislation will be introduced in September as part of reforming the tax system.

Adedeji said the new bill will ensure that the advantages of the cryptocurrency industry serve the Nigerian economy while mitigating potential risks and responding to the needs of the digital economy and technological advancement.