Nigerian lawmakers approved FIRS new regulations to enable the government guide, monitor and tax on realisable profits of Nigerian cryptocurrency traders, including introduction of new tax laws
Abuja, EPICSTORIAN – The National Assembly has given its approval to the Federal Inland Revenue Service (FIRS) proposal to create more friendly regulations for cryptocurrency and introduce new tax laws in Nigeria.
The decision was made during a recent plenary session where lawmakers discussed the importance of regulating the growing cryptocurrency market in the country.
The move comes as a response to the increasing popularity of digital currencies like Bitcoin and Ethereum among Nigerians.
The FIRS proposal aims to create a regulatory framework that will protect investors and ensure the stability of the cryptocurrency market.
It also includes new tax laws that will require individuals and businesses trading in digital currencies to pay taxes on their profits.
Speaking on the decision, the Chairman of the Senate Committee on Finance, Senator Muhammed Musa, Chairman Senate Committee on Finance, emphasized the need for proper regulation of the cryptocurrency market to prevent fraud and money laundering.
He also highlighted the potential benefits of taxing cryptocurrency transactions, which could generate additional revenue for the government.
Senator Musa said: “I am sure the Executive will submit the bill when we resume from our recess to enable us to amend the Acts, repeal them and re-enact the ones that will suit current trends.
“Considering innovation, cryptocurrencies, for example, have been one of the largest ways of making money, but in Nigeria, we do not have any law to guide that.
“With what FIRS and the legislatures are doing, we are synergising to come out with a legislation that will give Nigeria the best in getting more revenue to take care of its challenges, in terms of human development, and infrastructure, among others.
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FIRS to maximize tax revenue collection from Cryptocurrency:
Musa noted that the FIRS seeks to maximize Federal revenue by taxing realisable profits of all Nigerian cryptocurrency traders on Crypto exchanges.
“We are working together to ensure that the FIRS is fully equipped to maximise revenue collection, thereby providing the necessary resources for National development and public welfare in the country,” he added.
