Follow Us on Google
From Adesuwa Tsan, Abuja
The Senate has opened talks with the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) on the need to establish a legal framework to regulate cryptocurrency exchanges in the country.
The discussion came up yesterday at an interactive session between the Senate Committee on Capital Market chaired by Osita Izunaso and the leadership of SIBAN led by its President, Obinna Iwuno.
Iwuno, in his submission, noted that Nigeria currently ranks second globally in cryptocurrency adoption and first in Africa, yet operates without a clear regulatory framework.
He said this exposes the nation to missed opportunities in the emerging global financial system.
He disclosed that though SIBAN presently functions as a self-regulatory body, it has been working with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to strengthen the digital asset space.
Other News
“Recently, President Donald Trump of the United States signed into law the Genius Act, which allows the use of dollar-backed stable coins. This is to ensure that the dollar retains its dominance in the new global financial system.
“Here in Nigeria, we cannot afford to take the back seat after ranking second globally in crypto adoption. Africa contributes over 60 percent of blockchain activities, with Nigeria in the lead. Chain analysis puts the value of transactions on the blockchain at $59 billion. This is just a fraction of the potential we can harness with the right framework, regulation, policy, and government support,” he said.
In his remarks, Izunaso commended SIBAN for its role in promoting digital assets in the country.
“We truly value your dedication to fostering a safe, innovative and well-regulated digital economy. The topics you have proposed, ranging from tokenisation to investor protection and supportive policy, align closely with our objectives. This meeting is an opportunity to shape the future of Nigeria’s capital market.”
Other committee members, including Victor Umeh, Jibrin Isa and Mustapha Khabeeb, also called for enabling laws to guide cryptocurrency operations in Nigeria.
