How FIRS boss is boosting confidence in crypto market — Analyst

guardian.ng:

A policy analyst, Arabinrin Aderonke, has offered insight into how the Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, is boosting confidence in the cryptocurrency market in the country.

In a piece titled “Zacch Adedeji: Bringing Sanity Through Regulation to Crypto World,” Aderonke remarked that cryptocurrency has become a major financial phenomenon in Nigeria that cannot be ignored.

She noted that as Nigeria delves into the world of digital currencies, Adedeji is stepping up to ensure the country’s tax laws do not get left behind.

Aderonke, who serves as Technical Assistant, Broadcast Media at FIRS, disclosed how Adedeji intends to revamp Nigeria’s tax system to change the game for how cryptocurrencies are taxed.

She said, “Cryptocurrencies have rapidly gained popularity worldwide, and Nigeria is no exception. With its engagement in digital currency trading, the country faces the pressing challenge of integrating these assets into a coherent tax framework.

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“Current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities introduced by digital currencies. Recognizing this gap, the Tax Boss is bringing a major update to Nigeria’s tax system to better fit today’s financial realities.

“Cryptocurrency has become a major financial phenomenon in Nigeria. With substantial trading volumes and a growing base of users, digital assets like Bitcoin and Ethereum are not just a trend but a growing sector of the economy. This rapid growth presents both opportunities and challenges, highlighting the need for a regulatory framework that can effectively manage the