A policy analyst, Arabinrin Aderonke, has offered insight into how the Chairman of the Federal Inland Revenue Service , Dr. Zacch Adedeji, is boosting confidence in the cryptocurrency market in the country.
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of integrating these assets into a coherent tax framework.“Current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities introduced by digital currencies.
“Dr. Zacch’s changes to Nigeria’s tax system, especially regarding this new update on cryptocurrency, bring benefits for Nigerians. By setting clear rules for digital assets, these reforms make it easier for people and businesses to understand and meet their tax responsibilities. This clarity helps boost confidence in the cryptocurrency market and encourages more people to get involved.“The new rules also protect consumers by reducing the risk of fraud and scams, making the market safer.
“As other nations refine their approaches to cryptocurrency taxation, Dr. Zacch’s leadership is making the necessary changes and keeping Nigeria’s system flexible and responsive to new developments in the digital financial economy.”Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.
Despite the recent intervention by the Central Bank of Nigeria through the reintroduced retail Dutch Auction System through which $876 million was auctioned, the dollar continues to exchange ..