PANews reported on June 16 that, according to Premium Times, the Nigerian Senate passed a bill on Tuesday aimed at regulating cryptocurrencies, protecting investors, and strengthening the digital economy. The bill passed its second reading and was submitted to the Capital Markets Committee for further consideration, requiring a report within four weeks. Introduced by Deputy Senate President Barau Jibrin, the bill 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 while Nigeria boasts one of the highest cryptocurrency adoption rates in Africa, it lags behind several other African nations in regulating its digital finance ecosystem. The lack of a clear legal framework exposes investors to risk and allows illicit activities to flourish within the industry.