The Federal Inland Revenue Service (FIRS) is set to partner with the National Assembly (NASS) on enacting a law to regulate the crypto industry.
FIRS Executive Chairman, Zacch Adedeji revealed this on Saturday, adding that the service would be counting on NASS to achieve their aim.
Adedeji spoke at a stakeholder engagement with the Senate and House Committee on Finance organised by the Intergovernmental Relations Department of the service with the theme, ‘Repositioning The FIRS To Achieve Its Mandate.’
“The plan first is to have the law that regulates it and that is why you see that we are here with the legislature which will be the base of charging,” Adedeji said.
“And that is done in any other place in the world when you have this innovation or system, so you just have to get ready for it because you can’t go away from it.
“So we just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.”
Adedeji in his opening address informed the lawmakers about the proposed bill towards enacting the law.
“Just to put you on notice, by September, we are proposing a law that would overhaul the whole process of revenue administration in Nigeria, harmonising, recoding and simplifying the tax laws that we have.
“For example, in the Stamp Duty Act of 1939, when there was no internet connection, we needed to bring it up.
“Today, we cannot run away from cryptocurrency but as we stand today, there is no law anywhere in Nigeria that regulates cryptocurrency. We cannot run away from it.”
