Nigeria Seeks to Regulate Cryptocurrency Sector with New Bill

The Nigerian Senate has moved to regulate the country's cryptocurrency sector by introducing a legal framework for virtual asset service providers.

The Virtual Assets Service Providers (Regulation) Bill, 2026 aims to bring order and accountability to Nigeria's growing virtual asset ecosystem without stifling innovation.

According to Deputy Senate President Barau Jibrin, the bill seeks to protect consumers and the financial system by requiring operators of cryptocurrency exchanges and other virtual asset service providers to obtain licenses and comply with regulatory standards.

The move comes at a time when Nigeria remains one of the world's largest markets for cryptocurrency adoption, with millions of young Nigerians using digital assets for investment, payments, and business transactions.