Crystal Intelligence’s Post

𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐒𝐥𝐚𝐦𝐬 𝐁𝐢𝐧𝐚𝐧𝐜𝐞 𝐖𝐢𝐭𝐡 𝐓𝐚𝐱 𝐄𝐯𝐚𝐬𝐢𝐨𝐧 𝐂𝐡𝐚𝐫𝐠𝐞𝐬 𝐀𝐦𝐢𝐝 𝐄𝐬𝐜𝐚𝐥𝐚𝐭𝐢𝐧𝐠 𝐂𝐨𝐧𝐟𝐥𝐢𝐜𝐭 In a recent and significant development, Nigeria has intensified its standoff with the global cryptocurrency exchange, Binance, by levying tax evasion charges against the company. This legal action comes amidst news that a detained Binance executive has made a daring escape from custody. The Federal Inland Revenue Service (FIRS) has named the detained Binance executives as the second and third defendants in a lawsuit against the exchange, marking a severe escalation in the dispute between the Nigerian government and Binance. https://lnkd.in/dpEBU2X3

Nigeria’s government is poised to enact a sweeping reform of its tax laws, including measures to regulate the cryptocurrency sector, with a target implementation date of September 2024. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), disclosed this plan during a joint session with the Senate and House of Representatives Committees on Finance, where he outlined FIRS’s strategy for 2024. Adedeji underscored the Federal Government’s commitment to proposing a bill that would revamp Nigeria’s revenue collection system. The bill aims to unify and simplify the tax structure, with a particular focus on establishing a legal framework for the currently unregulated cryptocurrency market in Nigeria. He asserted the importance of crafting regulations that foster financial innovation while promoting the nation’s economic growth, as seen in other countries. Click the link to read more: https://lnkd.in/e9JCGfy7 #innovationvillage #cryptocurrency #federalgovt #firs #revenue #taxation #taxreforms #govtreforms #taxstructure #taxcommittee #nigeriaeconomy

New Digital Assets Law Recognizes Bitcoin in Dubai Landmark DIFC Legislation Clarifies and Secures Digital Assets Sector The law covers contracts, insolvency, and more, setting a solid base for digital finance. https://lnkd.in/dzQephZJ #Bitcoin #Dubai #DigitalAssets #CryptoLaw #BlockchainLaw #CryptoRegulation #BitcoinRecognition #DubaiCrypto #DigitalAssetsLaw #CryptocurrencyDubai

Switzerland's Federal Council launches a public consultation on adopting the Crypto-Asset Reporting Framework (CARF) to enhance tax transparency and ensure equal treatment with traditional assets. Set to join the Automatic Exchange of Information (AEOI) by January 2026, this move aims to strengthen Switzerland's crypto market regulation and reputation. The consultation will run until September 6, 2024. 🗓️🔍 #Crypto #TaxTransparency #Switzerland #Blockchain #Regulation #AEOI #OECD #CARF

🆕 New on Medium! Happy to share our latest article 🎉 Crypto Business: How to Choose the Right Jurisdiction for Your Project. Written by Elizaveta Lobuteva, Associate & Digital Regulation Advisor on our team. From legal pitfalls to strategic growth, read the article and explore how #CryptoMap can help you find the best jurisdiction for your venture! #cryptoregulation #crypto ➡ Learn more: https://lnkd.in/gqmbKKtp

Nigeria Charges Binance with Tax Evasion. Learn about the implications of Nigeria's charges against Binance and how it may affect CryptoCurrency compliance https://lnkd.in/dvmsAWEf #Nigeria #Binance #TaxEvasion #Compliance #Cryptocurrency

Erdem Mümtaz Hacıpaşaoğlu, CIPM & Alp Mete ŞİRİN co-authored an article about the upcoming crypto law in Turkey : You can read at Vircon Legal blog: https://lnkd.in/dNUpUQ_z #crypto #law #legal #blockchain #cex #dex

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji has announced that the Federal Government is set to introduce new tax laws which will include regulations for the Nigerian crypto industry, by September. Recall that in June, one of the popular crypto exchanges in Nigeria, KuCoin announced that it would begin to collect a 7.5% Value-Added Tax (VAT) on transaction fees from its users in Nigeria. Now, this new development might be a step to maximize cryptocurrency taxation in Nigeria. #Crypto https://lnkd.in/dVYADFzw

We prepared an article with Alp Mete ŞİRİN for Vircon Legal blog:

EU's Crypto Taxation Directive Signals Global Shift in Regulation 👉 The European Union (EU) has adopted a cryptocurrency taxation framework that includes the automatic exchange of information on crypto-assets. 👉 The core objective of the newly adopted directive is to broaden the scope of registration and reporting obligations. 👉 The provisions of DAC8 align with the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS (Common Reporting Standard) Audit (CRS). Learn more 👉 https://cutt.ly/mwRnrO0Y #EUCrypto #Taxation #DAC8 #Cryptoexchange