The Nigerian Senate on Tuesday, June 9, 2026, passed for second reading a bill seeking to regulate cryptocurrency, digital assets, and Virtual Asset Service Providers (VASPs) across the country.
The bill, sponsored by Deputy Senate President Barau Jibrin and presented by Senate Chief Whip Tahir Monguno, passed through a voice vote during plenary presided over by Jibrin.
It was referred to the Senate Committee on Capital Market for further legislative work, including a public hearing, with a report expected within four weeks.
The proposed legislation provides for licensing, regulation, and supervision of virtual asset operators, including cryptocurrency exchanges, while introducing compliance and transparency requirements to strengthen investor protection.
Leading debate, Monguno said Nigeria’s fast-growing digital asset sector had outpaced regulation, exposing investors to fraud, cybercrime, and unregulated platforms. He noted that Nigeria remains one of the world’s highest adopters of cryptocurrency.
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Senators largely supported the bill but called for harmonization with existing financial laws.
Senator Oyelola Ashiru said Nigeria had lagged behind peers such as Kenya, South Africa, and Ghana in regulating digital assets.
Senator Adetokunbo Abiru backed the bill but urged alignment with existing investment and securities laws to avoid regulatory overlap.
Senator Shuaib Salisu warned that weak regulation could push the sector underground and heighten financial crime risks.
Senator Adams Oshiomhole described the bill as timely and necessary.
If enacted and signed by President Bola Tinubu, the bill would formalize Nigeria’s digital asset framework, introduce licensing for operators, and strengthen regulatory oversight, investor protection, and financial monitoring.