NigeriaCryptoBan
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We can’t run away from cryptocurrency – FIRS
The Federal Inland Revenue Service (FIRS) has said from September, there would be a law to take care of existing gaps in revenue collection, including providing a legal and regulatory framework for the operation of cryptocurrency.
Executive Chairman of the service, Dr. Zacch Adedeji, said the country can no longer run away from cryptocurrency, a form of digital currency exchange which is an alternative form of payment using encryption algorithm.
Amidst calls for the regulatory framework as the cryptocurrency business evolves, the FIRS boss said the service is working on latching unto that space to boost its revenue collection in its new law.
He spoke in Lagos during a stakeholders’ engagement with the Senate and House of Representatives Committees on Finance organised by the Intergovernmental Relations Department.
The theme of the engagement was “Repositioning the FIRS to achieve its mandate.”
According to the Chairman, cryptocurrency has become a global payment system which Nigeria must embrace in a manner that would not be injurious to the economy of the country.
This is why he stated that the new law would be in place to capture crypto regulations and also address other gaps in the existing laws like the Stamp Duty which has become outdated.
He said, “The plan first is to have the law that regulates it and that is why we are here with the legislators which would be the base of charging as it’s done in other places in the world when you have this new innovation or system you just have to get ready for it. You can’t go away from it, you just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.”
He stated that for instance, the country is still using a Stamp Duty law of 1939 when there were no states or local governments.
“That is one reason why Mr. President set up the Tax and Fiscal Reform Committee to change and check all these laws. By God’s grace the new law will come by September and all those concerns will be addressed,” he added.
#NigeriaCryptoBan #NigeriaVsBinance #crypto #TaxProposal
Executive Chairman of the service, Dr. Zacch Adedeji, said the country can no longer run away from cryptocurrency, a form of digital currency exchange which is an alternative form of payment using encryption algorithm.
Amidst calls for the regulatory framework as the cryptocurrency business evolves, the FIRS boss said the service is working on latching unto that space to boost its revenue collection in its new law.
He spoke in Lagos during a stakeholders’ engagement with the Senate and House of Representatives Committees on Finance organised by the Intergovernmental Relations Department.
The theme of the engagement was “Repositioning the FIRS to achieve its mandate.”
According to the Chairman, cryptocurrency has become a global payment system which Nigeria must embrace in a manner that would not be injurious to the economy of the country.
This is why he stated that the new law would be in place to capture crypto regulations and also address other gaps in the existing laws like the Stamp Duty which has become outdated.
He said, “The plan first is to have the law that regulates it and that is why we are here with the legislators which would be the base of charging as it’s done in other places in the world when you have this new innovation or system you just have to get ready for it. You can’t go away from it, you just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.”
He stated that for instance, the country is still using a Stamp Duty law of 1939 when there were no states or local governments.
“That is one reason why Mr. President set up the Tax and Fiscal Reform Committee to change and check all these laws. By God’s grace the new law will come by September and all those concerns will be addressed,” he added.
#NigeriaCryptoBan #NigeriaVsBinance #crypto #TaxProposal
Nigeria's detainment of Binance Executives sets dangerous precedent, CEO warns
Richard Teng, CEO of Binance, condemned Nigeria's detention of two of its executives during a crackdown on cryptocurrency.
Teng revealed that Binance executives initially engaged in discussions with Nigerian authorities in January, followed by a subsequent meeting on February 26. During this meeting,
Nigerian authorities labeled the issues concerning Binance as matters of national security. They demanded the delisting of the naira currency from Binance's platform and requested detailed information on all Nigerian users.
The detention of Gambaryan and Anjarwalla after collaborative meetings with Nigerian authorities was strongly condemned by Teng. He stated that this action sets a dangerous precedent for companies worldwide.
Binance halted all transactions and trading in naira in early March in response to the situation, with the hope that their colleagues would be released and dialogue with the Nigerian government could continue.
Teng emphasized the need for Gambaryan's release and expressed Binance's commitment to resolving any issues with Nigerian authorities, including engaging with the Federal Inland Revenue Service (FIRS) on potential historic tax liabilities.
#BinanceTurns7 #NigeriaCryptoBan #NigeriaVsBinance
Richard Teng, CEO of Binance, condemned Nigeria's detention of two of its executives during a crackdown on cryptocurrency.
Teng revealed that Binance executives initially engaged in discussions with Nigerian authorities in January, followed by a subsequent meeting on February 26. During this meeting,
Nigerian authorities labeled the issues concerning Binance as matters of national security. They demanded the delisting of the naira currency from Binance's platform and requested detailed information on all Nigerian users.
The detention of Gambaryan and Anjarwalla after collaborative meetings with Nigerian authorities was strongly condemned by Teng. He stated that this action sets a dangerous precedent for companies worldwide.
Binance halted all transactions and trading in naira in early March in response to the situation, with the hope that their colleagues would be released and dialogue with the Nigerian government could continue.
Teng emphasized the need for Gambaryan's release and expressed Binance's commitment to resolving any issues with Nigerian authorities, including engaging with the Federal Inland Revenue Service (FIRS) on potential historic tax liabilities.
#BinanceTurns7 #NigeriaCryptoBan #NigeriaVsBinance
Nigeria is contemplating a potential prohibition on peer-to-peer (P2P) crypto trading citing national security worries. Notably, three prominent fintech firms in Nigeria have initiated the blocking of P2P-related accounts and are alerting law enforcement about P2P transactions. 🚫🔒 Stay informed about the evolving crypto landscape! #NigeriaCryptoBan #P2PTrading #NationalSecurityConcerns 🛡️🔍
Meta will appeal $220m fine by FCCPC
#MetaverseLife #meta #NigeriaCryptoBan
Affiliate Company has said its parent body, Meta, will be appealing the $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) regarding its violation of Nigeria’s data privacy laws.
The organisation, said this in a statement made available to the News Agency of Nigeria on Saturday in Lagos.
It said: “We disagree with the decision today as well as the fine and Meta will be appealing the decision.
“In 2021, we went to users globally to explain how talking to businesses among other things would work and while there was a lot of confusion then, it has actually proven quite popular.”
#MetaverseLife #meta #NigeriaCryptoBan
Affiliate Company has said its parent body, Meta, will be appealing the $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) regarding its violation of Nigeria’s data privacy laws.
The organisation, said this in a statement made available to the News Agency of Nigeria on Saturday in Lagos.
It said: “We disagree with the decision today as well as the fine and Meta will be appealing the decision.
“In 2021, we went to users globally to explain how talking to businesses among other things would work and while there was a lot of confusion then, it has actually proven quite popular.”
Guys I'm a Nigerian, I have usdt, that I want to sell, but, I don't know where to get cash from, pls helped with suggestions
#NigeriaCryptoBan
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#Binance reacts as FG drops tax charges against executives.
Crypto exchange platform, Binance has expressed relief as the Federal High Court in Abuja cleared its executives, Tigran Gambaryan, and Nadeem Anjarwalla, of tax evasion charges filed by the Federal Inland Revenue Service.
The court’s decision came on Friday after the FIRS submitted amended charges that effectively dropped the tax evasion allegations against Gambaryan and Anjarwalla, who absconded to Kenya.
This change followed Binance’s notification of appointing a Nigerian representative, Ayodele Omotilewa, to handle its local operations. The original charges, filed on March 22, 2024, accused Binance and Gambaryan of tax evasion.
In a shared note with The PUNCH, the platform said it was relieved that tax charges against Gambaryan and Anjarwalla have been dropped because they are decision-makers at the company.
The platform said, “We are relieved that the Federal Inland Revenue Service (FIRS) has served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped.
“This further illustrates that Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government. We await the court’s ruling on this, discharging Tigran from this matter completely.”
“We commend the FIRS for their diligence and professionalism throughout this process. This situation unequivocally demonstrates Binance’s commitment to resolving this issue with the government transparently and cooperatively.
“Tigran has been detained for 110 days, and his physical health is deteriorating, including a recent malaria and pneumonia diagnosis. Binance is committed to continuing to work with the Nigerian government to resolve this,” Binance added.
On June 20, the EFCC trial is due to continue, while Tigran will remain detained at Kuje prison.
Since Tigran collapsed in court on May 23rd with Malaria, his health conditions have worsened and Tigran now has pneumonia.
#NigeriaCryptoBan #NigeriaVsBinance
Crypto exchange platform, Binance has expressed relief as the Federal High Court in Abuja cleared its executives, Tigran Gambaryan, and Nadeem Anjarwalla, of tax evasion charges filed by the Federal Inland Revenue Service.
The court’s decision came on Friday after the FIRS submitted amended charges that effectively dropped the tax evasion allegations against Gambaryan and Anjarwalla, who absconded to Kenya.
This change followed Binance’s notification of appointing a Nigerian representative, Ayodele Omotilewa, to handle its local operations. The original charges, filed on March 22, 2024, accused Binance and Gambaryan of tax evasion.
In a shared note with The PUNCH, the platform said it was relieved that tax charges against Gambaryan and Anjarwalla have been dropped because they are decision-makers at the company.
The platform said, “We are relieved that the Federal Inland Revenue Service (FIRS) has served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped.
“This further illustrates that Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government. We await the court’s ruling on this, discharging Tigran from this matter completely.”
“We commend the FIRS for their diligence and professionalism throughout this process. This situation unequivocally demonstrates Binance’s commitment to resolving this issue with the government transparently and cooperatively.
“Tigran has been detained for 110 days, and his physical health is deteriorating, including a recent malaria and pneumonia diagnosis. Binance is committed to continuing to work with the Nigerian government to resolve this,” Binance added.
On June 20, the EFCC trial is due to continue, while Tigran will remain detained at Kuje prison.
Since Tigran collapsed in court on May 23rd with Malaria, his health conditions have worsened and Tigran now has pneumonia.
#NigeriaCryptoBan #NigeriaVsBinance
Warning: Nigerian Banks Crack Down on Cryptocurrency Transactions
Introduction:
In a move aimed at regulating the financial sector, several Nigerian banks, including Opay, Palmpay, Moniepoint, and others, have issued a warning to their customers regarding cryptocurrency transactions. According to reports, these banks have threatened to ban any individual found using their bank accounts for cryptocurrency or digital currency transactions.
The Warning:
The warning, which has been circulated on social media and other online platforms, states that any customer found to be engaging in cryptocurrency transactions will have their bank account suspended or terminated. This move is seen as a crackdown on the growing popularity of cryptocurrencies in Nigeria, which has been on the rise in recent years.
Implications:
This warning has significant implications for individuals and businesses that deal in cryptocurrencies. With many Nigerians using bank accounts to buy and sell cryptocurrencies, this move could effectively shut down the cryptocurrency market in the country. The warning also raises questions about the legality of cryptocurrency transactions in Nigeria and the role of banks in regulating the financial sector.
Conclusion:
The warning from Nigerian banks is a clear indication that the financial sector is undergoing significant changes. As cryptocurrencies continue to gain popularity worldwide, it's essential for regulators and financial institutions to develop clear guidelines and regulations to ensure the safety and security of customers. We will continue to monitor this situation and provide updates as more information becomes available.
Note: This blog post is for informational purposes only and should not be taken as financial advice. Cryptocurrency transactions carry risks, and individuals should always do their own research and consult with financial experts before making any investment decisions.
#MicroStrategy #NigeriaCryptoBan #NigerianTraders #BTC #CryptoWatchMay2024
Introduction:
In a move aimed at regulating the financial sector, several Nigerian banks, including Opay, Palmpay, Moniepoint, and others, have issued a warning to their customers regarding cryptocurrency transactions. According to reports, these banks have threatened to ban any individual found using their bank accounts for cryptocurrency or digital currency transactions.
The Warning:
The warning, which has been circulated on social media and other online platforms, states that any customer found to be engaging in cryptocurrency transactions will have their bank account suspended or terminated. This move is seen as a crackdown on the growing popularity of cryptocurrencies in Nigeria, which has been on the rise in recent years.
Implications:
This warning has significant implications for individuals and businesses that deal in cryptocurrencies. With many Nigerians using bank accounts to buy and sell cryptocurrencies, this move could effectively shut down the cryptocurrency market in the country. The warning also raises questions about the legality of cryptocurrency transactions in Nigeria and the role of banks in regulating the financial sector.
Conclusion:
The warning from Nigerian banks is a clear indication that the financial sector is undergoing significant changes. As cryptocurrencies continue to gain popularity worldwide, it's essential for regulators and financial institutions to develop clear guidelines and regulations to ensure the safety and security of customers. We will continue to monitor this situation and provide updates as more information becomes available.
Note: This blog post is for informational purposes only and should not be taken as financial advice. Cryptocurrency transactions carry risks, and individuals should always do their own research and consult with financial experts before making any investment decisions.
#MicroStrategy #NigeriaCryptoBan #NigerianTraders #BTC #CryptoWatchMay2024
