Nigeria Advances Crypto Regulation Bill Amidst Industry Criticism
- On June 9, Nigeria’s Senate passed a cryptocurrency regulation bill through a second reading.
- The bill proposes mandatory licensing for crypto exchanges and aims to curb money laundering and terrorism financing.
- Senate Chief Whip Tahir Monguno highlighted the risks of a regulatory vacuum in the fast-growing Nigerian crypto market.
- Rume Ophi criticized past policy reversals, citing a five-year setback due to the Central Bank’s ban under Godwin Emefiele.
- The bill now proceeds to the Senate Committee on Capital Market for a four-week review phase.
Nigeria is moving towards its first comprehensive legal framework for digital assets, addressing concerns over fraud and illicit activities due to lack of regulation. The proposed legislation seeks to provide structure in one of the world’s most active Bitcoin markets.
Rume Ophi’s comments reflect industry frustration over delays that have hindered growth, emphasizing the importance of aligning with President Tinubu’s economic goals. (Source)
