Nigerian Senate Advances Crypto Licensing Bill Amid Global Regulatory Push

Nigeria's Senate has made significant progress in establishing a formal regulatory framework for cryptocurrency exchanges and virtual asset service providers. The Virtual Asset Service Providers Regulation Bill, 2026, passed its second reading on Tuesday and was referred to the Senate Committee on Capital Market for further review and possible amendments.

The proposal would require crypto exchanges and other virtual asset service providers to obtain licenses and comply with transparency, consumer protection, and operational standards. This is aimed at improving oversight of the sector, addressing regulatory gaps, and reducing fraud and improving market accountability.

Senate Chief Whip Mohammed Monguno stated that the bill seeks to create order, confidence, and consumer protection rather than restrict innovation. Supporters noted that countries like Kenya, South Africa, and Ghana are pursuing similar frameworks.