The Nigerian Federal Inland Revenue Service (FIRS) has set out to introduce a bill aimed at overhauling the tax system, including crypto regulation. The proposed legislation seeks to simplify tax laws, harmonise revenue collection, and replace outdated tax regulations with contemporary frameworks.

FIRS stressed the need to modernise Nigeria’s tax system to align with current economic realities, citing the Stamp Duty Act as an example of an outdated law that requires urgent attention. It also emphasised the growing importance of the cryptocurrency ecosystem and the necessity for a regulatory framework to govern its operations. Officials from FIRS expressed confidence in the agency’s ability to achieve the USD 12.2 billion revenue target set for 2024, stating that current figures indicate the agency is on track.

They also commended the idea of a single tax collection agency to improve efficiency. More crypto initiatives across the world In August 204, Hong Kong has planned to enhance its digital asset regulation by February 2026 by developing a comprehensive framework. The goal is to attract global fintech companies, foster 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 has strengthened its anti-money laundering and counter-terrorism financing regulations, specifically targeting cryptocurrency exchanges. The Monetary Authority of Singapore (MAS) has raised the risk level for cryptocurrency exchanges from medium-low to medium-high to prevent misuse by criminal and terrorist entities.

Cross-border online payments remain classified as high-risk, reflecting the country's commitment to maintaining a secure financial ecosystem. .