TechFlow News, June 16: According to Premium Times, Nigeria’s Senate has passed the second reading of a cryptocurrency regulatory bill. Spearheaded by Deputy Senate President Barau Jibrin, the bill aims to establish a comprehensive regulatory framework for virtual assets and virtual asset service providers (VASPs), mandating crypto exchanges to obtain mandatory licenses and comply with transparency and regulatory obligations. Following its passage, the bill has been referred to the Senate Committee on Capital Markets for further review, with the committee required to submit its report within four weeks.
Senators noted that although Nigeria ranks among Africa’s top countries in cryptocurrency adoption, it has long lagged behind other African nations—including Kenya, South Africa, and Ghana—in regulatory development. This regulatory gap has led to substantial investor losses from fraud and created fertile ground for illicit activities such as money laundering.
