Nigeria Senate Pushes Crypto Bill to Committee, Setting Up 4-Week Review Phase

Legislative Progress and Next Steps

Nigeria’s Senate connected June 9 passed a cryptocurrency regularisation measure done a 2nd reading, moving Africa’s largest system person to establishing its archetypal afloat ineligible model for integer assets aft years of precocious adoption and argumentation whiplash. The projected authorities introduces mandatory licensing for crypto exchanges, investor‑protection rules and stronger oversight to curb wealth laundering and coercion financing.

Deputy Senate President Barau Jibrin, who presided implicit the session, announced the bill’s advancement aft a bulk dependable vote. The measurement present heads to the Senate Committee connected Capital Market, which has 4 weeks to behaviour a nationalist proceeding and instrumentality with recommendations.

Nigeria remains 1 of the world’s astir progressive crypto markets, with millions utilizing bitcoin and different integer assets for savings, remittances and commerce. But lawmakers said the sector’s accelerated maturation has unfolded successful a regulatory vacuum, leaving users exposed to fraud, cybercrime and marketplace manipulation.

Senate Chief Whip Tahir Monguno, who sponsored the bill, said Nigeria’s hold has allowed illicit enactment to flourish.

“The lack of a wide ineligible model has exposed investors to risks and enabled illicit activities to thrive,” Monguno said, adding that the measure “speaks straight to the realities of our time.”

Several lawmakers echoed the request for transparency.

“If you bash not supply a regulatory model for this sector, it volition spell nether the array successful a achromatic marketplace environment,” said Sen. Shuaib Salisu of Ogun Central. “Once determination is nary transparency and activities go opaque, it allows transgression enactment to instrumentality place.”

Sen. Oyelola Ashiru questioned wherefore Nigeria lagged down Kenya, South Africa and Ghana, portion Sen. Adetokunbo Abiru urged harmonization with existing fiscal laws to debar regulatory overlap.

Industry Reaction: ‘We Wasted Five Years’

Rume Ophi, co‑convener of Decentralised Nigeria and pb for programs and communications astatine VASPA, delivered 1 of the strongest reactions yet, criticizing Nigeria’s past of argumentation reversals and missed opportunities.

“Nigeria is ever learning from its ain experience, which is precise sad. Countries similar Kenya, South Africa and Ghana are mode up of america due to the fact that we emotion to combat what we don’t understand.”

Ophi said Nigeria’s presumption arsenic “the elephantine of Africa” has not translated into enactment successful integer finance.

“As the elephantine of Africa, you pb by example, but close now, we can’t adjacent pb ourselves successful the virtual plus space. We wasted 5 years, conscionable for the amusive of it.”

He recalled the February 2021 crypto banking ban, enforced nether then–Central Bank of Nigeria Governor Godwin Emefiele, who publically dismissed bitcoin arsenic a instrumentality for criminals.

“Rather than larn from the crushed wherefore Nigeria became the world’s second‑largest user, they fought the interests of young Nigerians.”

Ophi said the Senate’s astonishment astatine Nigeria’s lagging presumption reflects a deeper nonaccomplishment to survey determination progress.

“We are down due to the fact that we don’t survey what others are doing to amended their economy.”

Still, helium acknowledged improvements nether President Bola Tinubu, urging lawmakers to travel done connected run promises and enact authorities that attracts investors and builders.

“The governmental volition to marque a instrumentality that attracts investors, founders and enthusiasts cannot beryllium overemphasized. The president made a committedness during his past election. That should beryllium completed and sealed going forward.”