Nigeria Senate Advances Crypto Regulation Bill to Committee for 4-Week Review
Summary
Nigeria's Senate passed a cryptocurrency regulation bill through a second reading on June 9, sending it to the Senate Committee on Capital Market for a four-week public hearing and review. The proposed framework requires licensing for crypto exchanges, introduces investor-protection rules, and strengthens oversight to combat money laundering and terrorism financing. Lawmakers cited a regulatory vacuum enabling fraud and cybercrime, and positioned the bill as supporting President Tinubu's goal of a $1 trillion economy, following earlier policy disruptions including a 2021 CBN ban that set the industry back five years.
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bskyNigeria Senate Advances Crypto Regulation Bill to Committee for 4-Week Reviewbriefly.coKey quotes
· 4 pulledThe bill now goes to the Senate Committee on Capital Market for a four-week public hearing and recommendations.
The proposed framework mandates licensing for crypto exchanges, adds investor-protection rules, and strengthens oversight to reduce money laundering and terrorism financing.
Lawmakers cited a regulatory vacuum that exposed users to fraud, cybercrime, and market manipulation, and warned delays increased illicit activity.
The bill is positioned to support President Tinubu's goal of a $1 trillion economy, after earlier policy disruptions including a 2021 CBN ban under Godwin Emefiele that set the industry back five years.
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