Nigeria’s Senate Advances Crypto Regulation Bill to Second Reading

Nigeria’s Senate passed a cryptocurrency regulation bill at its second reading on Tuesday and referred it to the Capital Market Committee for further review, requesting a report within four weeks. According to Odaily, the bill was introduced by Deputy Senate President Barau Jibrin and seeks to establish a regulatory framework for virtual assets, digital assets, and virtual asset service providers. It would require cryptocurrency exchanges to apply for licenses and comply with transparency and compliance requirements. During the debate, Chief Whip Tahir Monguno said Nigeria is among the African countries with the highest cryptocurrency adoption rates, but has fallen behind several African peers in regulating the digital finance ecosystem. He said the lack of a clear legal framework exposes investors to risk and allows illegal activities to persist in the sector.