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The Nigerian government is planning to set new tax laws by September 2024, plus regulations that will guide the country's crypto industry.

Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), made this information cleared at the stakeholders' engagement meetings with Senate and House of Representatives Committees on Finance.

He highlighted that the government of Nigeria aims to overhaul the revenue administration process, harmonize revenue collection, and simplify tax laws through the upcoming bill.

While we cannot ignore cryptocurrency as there is currently no law in Nigeria regulating it, there is a need for legislation to govern this type of transaction. This is what is being done in other countries around the world. When there are innovations in the system, you must plan to regulate them in a way that is not detrimental to the economic development of Nigeria.

Senator Sani Musa, Chairman of the Senate Committee on Finance, also emphasized the growing significance of cryptocurrencies as a source of income and the lack of a legal framework to guide it transactions.

He emphasized the need to update outdated tax laws and expressed confidence that the Executive would soon submit a bill to amend, repeal, and re-enact laws to align with current trends, most especially in the crypto sector of the country.

Meanwhile, the Securities and Exchange Commission (SEC) is beseeching virtual asset service providers to partake in its Accelerated Regulatory Incubation Programme (ARIP) to know how they'll prepare for the registration under the forthcoming Digital Assets Rules.

With that being said, it's also worth noting that the Federal Inland Revenue Service (FIRS) is taking legal action against Binance on charges of tax evasion, with a trial scheduled for October 11, 2024.

This comes as crypto firms like OKX and KuCoin adjust their operations in Nigeria due to changing regulations, with KuCoin introducing a 7.5% value-added tax (VAT). Other African nations, including Kenya, Ghana, and South Africa, are also advancing efforts to regulate the virtual asset space.