Nigeria's crypto regulatory bill passes second reading, plans to mandate exchange licensing

Odaily reports that Nigeria's Senate passed a crypto regulatory bill in its second reading on Tuesday and submitted it to the Capital Markets Committee for further review, requesting a report within four weeks. The bill, proposed by Deputy Senate President Barau Jibrin, aims to establish a comprehensive regulatory framework for virtual assets, digital assets, and virtual asset service providers, mandating that cryptocurrency exchanges apply for licenses and comply with transparency and compliance requirements.

Chief Whip Tahir Monguno stated during the debate that Nigeria is one of the African countries with the highest cryptocurrency adoption rates, but it has fallen behind several other African nations in regulating the digital financial ecosystem. The lack of a clear legal framework exposes investors to risks and allows illegal activities to persist within the industry. (Premium Times Ng)