Nigeria Proposes a New Law to Tax Cryptocurrencies

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Nigeria‘s Federal Inland Revenue Service (FIRS) is set to introduce a tax on the crypto industry. The tax bill is expected to be presented to parliament for approval by September. 

FIRS executive chairman Zacch Adedeji revealed the plan during a meeting with the National Assembly’s finance committees.

The Nigerian government has previously expressed concerns about the impact of cryptocurrency on the naira, with the central bank alleging that Binance facilitated $26 billion in untraceable funds leaving the country last year. 

This, according to authorities, contributed to the naira’s decline and tax revenue losses. The central bank’s allegations led to the arrest of a Binance executive.