Nigerian Senate Pushes Forward Comprehensive Crypto Regulation Bill

The Nigerian 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 presided over the session and announced the bill's advancement after a majority voice vote.

Rume Ophi, co-convener of Decentralised Nigeria, criticized Nigeria's history of policy reversals and missed opportunities, stating that 'Nigeria is always learning from its own experience, which is very sad.' He argued that countries like Kenya, South Africa, and Ghana are way ahead due to Nigeria's love for fighting what it doesn't understand.

The bill now heads to the Senate Committee on Capital Market, which has four weeks to conduct a public hearing and return with recommendations. Ophi urged lawmakers to follow through on campaign promises and enact legislation that attracts investors and builders.