The House of Representatives has inaugurated an ad hoc committee to review and regulate cryptocurrency and Point-of-Sale (POS) activities in Nigeria amid rising concerns over fraud, cybercrime, and terrorism financing. Speaker Abbas Tajudeen said the initiative aims to balance innovation with security and consumer protection.
He noted that while Nigeria’s resilient economy provides a foundation for digital finance to thrive, the opaque and volatile nature of cryptocurrency demands stronger oversight. The committee, chaired by Rep. Olufemi Bamisile, will hold public hearings to gather expert input for a comprehensive legal framework.
Also Read: FCCPC Introduces New Rules to Regulate Digital Lenders
Bamisile added that the committee would work closely with key institutions including the Central Bank, SEC, EFCC, and other agencies to design regulations that encourage financial innovation while protecting citizens and safeguarding the integrity of Nigeria’s financial system.
Leave feedback about this
You must be logged in to post a comment.