Nigeria's tax agency, the Federal Inland Revenue Service (FIRS), has announced it intends to seek the support of the National Assembly for a comprehensive new law to regulate cryptocurrencies in the country.
The legislation will be introduced in September and is part of a broader effort to revamp the country's tax system.
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According to Zacch Adedeji, executive chairman of the FIRS, the upcoming bill will specifically address the rise of the cryptocurrency industry in Nigeria, with the aim of harnessing its benefits and minimizing potential risks.
The new law will focus specifically on cryptocurrencies and will seek to streamline and modernize existing tax laws, some of which have lost relevance in today's digital world.