Nigeria’s Senate Takes Bold Step to Regulate Crypto Market
The Nigerian Senate has taken a significant step towards regulating the cryptocurrency market by collaborating with the Stakeholders in Blockchain Association of Nigeria (SIBAN) to establish a comprehensive legal framework for digital assets and blockchain operations. According to Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, “We truly value your dedication to fostering a safe, innovative, and well-regulated digital economy”
The partnership was unveiled during an interactive session between the Senate Committee on Capital Market and a delegation from SIBAN, led by its President, Obinna Iwuno. Iwuno emphasized Nigeria’s strategic position in the global digital economy, noting that the country currently ranks second worldwide and first in Africa in cryptocurrency adoption.
With approximately 22 million Nigerians holding cryptocurrencies in 2025, up from just 0.4% in 2015, the Senate aims to harness the potential of blockchain technology. Iwuno highlighted that “transactions conducted via blockchain in Nigeria amounted to a staggering $59 billion,” adding that “this is only a glimpse of what we can achieve with the right legal structure, policy support, and regulatory clarity”.
The proposed legal framework seeks to provide regulatory clarity, boost investor confidence, and position Nigeria as a hub for blockchain innovation. Senator Izunaso commended SIBAN’s advocacy for a safe and innovative digital economy, stating that their focus on blockchain utilization, investor protection, and capacity building aligns closely with the committee’s priorities .
Other lawmakers, including Senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, expressed strong support for enabling legislation that would legitimize and guide cryptocurrency activities in Nigeria. Iwuno noted that Nigeria must not be left behind, emphasizing that “we are already a continental leader, contributing over 60 percent of Africa’s blockchain adoption. A robust legal framework will position us for even greater impact”.
The collaboration between the Senate and SIBAN marks a significant step towards integrating blockchain technology into Nigeria’s regulatory framework and economic planning. This move is expected to provide clarity and regulatory guidance for crypto operations in Nigeria, potentially boosting the country’s economy. #Nigeria’s Senate Takes Bold Step to Regulate Crypto Market#
