The Nigerian Federal Inland Revenue Service (FIRS) has set out to introduce a bill aimed at reforming the tax system, including crypto regulation.

The bill seeks to simplify tax laws, harmonize tax collection and replace outdated tax provisions with contemporary ones. FIRS stressed the need to modernize Nigeria’s tax system to bring it in line with current economic realities, citing the Stamp Duty Act as an example of an outdated law that needs urgent revision. It also stressed the growing importance of the cryptocurrency ecosystem and the need for a regulatory framework for its operation.

FIRS officials expressed confidence that the agency can achieve its 2024 revenue target of $12.2 billion, saying current figures suggest the agency is on track. They also praised the idea of ​​a single tax authority to improve efficiency.

More crypto initiatives around the world

In August 204, Hong Kong planned to improve its digital asset regulation by February 2026 by developing a comprehensive framework. The aim is to attract global fintech companies, encourage innovation, and ensure the security and integrity of digital asset transactions. The strategy also includes building new infrastructure and strengthening legislative oversight to establish Hong Kong as a global fintech hub.

In July 2024, Singapore tightened its anti-money laundering and counter-terrorist financing regulations, specifically targeting cryptocurrency exchanges. The Monetary Authority of Singapore (MAS) raised the risk level for cryptocurrency exchanges from medium-low to medium-high to prevent misuse by criminal and terrorist organizations. Cross-border online payments will continue to be classified as high-risk, reflecting the country’s commitment to maintaining a safe financial ecosystem.