Nigeria's Senate Advances Bill to Regulate Cryptocurrency Exchanges

The Nigerian government is taking steps to formalize the country's growing cryptocurrency market. A proposed law aims to create clear rules for virtual asset service providers, including licensing requirements and compliance standards.

The Virtual Asset Service Providers Regulation Bill, 2026, has passed its second reading in the Senate and will now be reviewed by a committee. If passed, the bill would place crypto exchanges and related operators under regulatory oversight, aligning with international standards such as those set by the Financial Action Task Force and International Monetary Fund.

Supporters of the bill argue that clear rules are necessary to promote order, confidence, accountability, and consumer protection in the market. They also point out that Nigeria lags behind some African peers in developing virtual asset laws.