Nigerian Senate Passes Bill to Regulate Crypto and Revive Textile Industry

The Nigerian Senate has made significant strides in regulating the country's cryptocurrency market by passing a bill to establish a clear legal and regulatory framework for virtual assets.

The bill, which was sponsored by Deputy Senate President Barau Jibrin, proposes mandatory licensing, transparency, and compliance requirements for cryptocurrency exchanges and related operators. This move is expected to boost investor confidence and curb illicit activity in the crypto market.

Nigeria has been criticized for lagging behind other African countries in regulating its digital finance ecosystem despite recording one of the highest rates of cryptocurrency adoption on the continent.