FIRS Seeks Legislation To Regulate Crypto Industry

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji had revealed that the Service would be seeking the support of the National Assembly to enact a law on the crypto industry.

Adedeji said this 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’, held in Lagos.

According to him, the plan first is to have the law that regulates the crypto sector, “and that is why you see that we are here with the legislature, which will be the base of charging.

“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 cannot go away from it. We just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.”

The FIRS’s boss who further stated that the service has a target to generate N19.4 trillion in tax revenue in 2024, assured that “we are on the path to make sure that we achieve N19.4 trillion target.”

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Speaking further, Adedeji said, “The law the country is using today is 1939 law. As at that time, we do not have state or local government and due to this, the President set up the Tax and Fiscal Reform Committee to change and check all these laws.”

Adedeji added that “by September, the new law will be presented to the National Assembly. Its passage would mark a significant step towards establishing a regulatory environment for the cryptocurrency industry in Nigeria.

“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.

“The FIRS recognises the growing importance of cryptocurrency and the need for a regulatory framework to address its unique characteristics. By establishing clear rules and guidelines, the government can promote responsible innovation and protect investors,” he stated.

For his part, the Chairman, Senate Committee on Finance, Senator Muhammed Musa described the theme on repositioning the FIRS to achieve its mandates as timely and crucial “as we continue our collective effort to strengthen the tax system of the Country.”

He said, “The collaboration between the Senate and the House Committees of Finance underscores the importance of a unified approach in addressing the challenges of taxation.

Musa said that by working together, the two legislative chambers can ensure that the FIRS is fully equipped to maximise revenue collection, thereby providing the necessary resources for national development and public welfare.