The Senate on Tuesday advanced a bill seeking to establish a legal and regulatory framework for cryptocurrency transactions and digital asset operations in Nigeria, passing the proposed legislation for second reading.
The proposed ‘Virtual Asset Service Providers Regulation Bill, 2026,’ is designed to regulate virtual and digital assets as well as entities operating within the sector.
It also seeks to introduce mandatory licensing, transparency requirements and compliance obligations for cryptocurrency exchanges and other Virtual Asset Service Providers (VASPs).
Presenting the bill on behalf of its sponsor, Jibrin Barau, Deputy Senate President, Tahir Monguno said Nigeria’s rapid adoption of cryptocurrencies had outpaced efforts to regulate the sector.
According to Monguno, despite being one of Africa’s leading markets for cryptocurrency transactions, Nigeria lacks a comprehensive legal framework to govern the industry.
He argued that the regulatory vacuum has exposed investors to significant risks and created opportunities for illegal activities to flourish within
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