Nigerian Senate Advances Crypto Regulation Bill Through Second Reading

Nigeria's Senate has advanced a major cryptocurrency regulation bill through a second reading, moving the country closer to its first comprehensive legal framework for digital assets.

The proposed legislation introduces mandatory licensing for crypto exchanges, investor-protection rules, and stronger oversight to curb money laundering and terrorism financing.

Deputy Senate President Barau Jibrin announced the bill's advancement after a majority voice vote, and it now heads to the Senate Committee on Capital Market for a four-week review phase.

The delay in regulating cryptocurrencies has exposed investors to risks and allowed illicit activities to thrive, according to Tahir Monguno, who sponsored the bill.