The Nigerian House of Representatives has established an ad hoc committee tasked with reviewing the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in the country.
Speaker of the House, Abbas Tajudeen, inaugurated the committee, citing rising concerns over illicit activities linked to digital platforms. He noted the action became necessary as cases of cybercrime, money laundering, and terrorism financing linked to digital finance platforms continue to increase.
The Speaker explained that this move to review digital finance platforms is urgent due to the increasing concerns over fraud and consumer exploitation within Nigeria’s rapidly expanding digital finance ecosystem.
“The committee’s intervention is intended to help the House develop a clear regulatory and consumer protection framework for these virtual asset services,” he said.
He explained that the absence of clear regulatory guidelines, coupled with the volatility and complexity of digital assets, compelled the House to intervene and establish a regulatory and consumer protection framework for Virtual Asset Service Providers (VASPs), including cryptocurrencies and crypto-assets.
In his remarks, the Chairman of the Committee, Olufemi Bamisile (APC–Ekiti), described the assignment as one of national importance aimed at striking a balance between financial innovation and national security.
“We have been entrusted with a task of national significance — to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria,” Bamisile said.