Nigerian Senate Advances Bill to Regulate Virtual Assets Sector

The Nigerian Senate has advanced a bill aimed at regulating the rapidly growing virtual assets sector. The legislation, sponsored by Deputy Senate President Jibrin Barau, seeks to establish a clear operating framework for cryptocurrencies and digital assets in Nigeria.

According to lawmakers, the absence of regulation is driving billions of naira in investments, jobs, and government revenue into the shadows. They argue that regulating the sector would protect investors from fraud and exploitation while preserving opportunities created by the growing cryptocurrency ecosystem.