Nigeria's Crypto Regulatory Bill Passes Second Reading, Exchanges Required to Obtain Licenses

the Nigerian Senate on Tuesday passed the second reading of a cryptocurrency regulatory bill, which has been submitted to the Capital Markets Committee for further review, with a report required 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 regulatory requirements.During the debate, Majority Whip Tahir Monguno stated that Nigeria is one of the countries with the highest cryptocurrency adoption rates in Africa but has lagged 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. (premiumtimesng)