By Abbanobi -Eku Onyeka
Abuja
The Senate Committee on Capital Market, led by Senator Osita Izunaso, has partnered with the Blockchain Association of Nigeria (SIBAN) to develop a legal framework for cryptocurrency exchanges in Nigeria.
This move, according to a press release from Jackson Udom, the Special Assistant on Media to the Senate President on Thursday, aims to regulate the rapidly growing crypto industry in the country, which ranks second globally and first in Africa in cryptocurrency adoption.
SIBAN is currently self-regulatory but networks with the Securities and Exchange Commission (SEC) and Nigerian Financial Intelligence Unit (NFIU) to promote capital and digital assets.
The United States has recently signed the Genius Act, allowing the use of dollar-backed stablecoins to maintain the dollar’s dominance in the global financial system.
– *Nigeria’s Opportunity*: With $59 billion in blockchain transactions, Nigeria can harness its potential with proper regulation, policy, and support.
The Senate Committee on Capital Market aims to enhance Nigeria’s capital market products and services by collaborating with SIBAN. Senator Izunaso commended SIBAN’s efforts in promoting the growth of the digital economy in Nigeria, stating that the proposed topics for discussion align closely with the committee’s objectives.
Members of the committee, including Senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, called for enabling laws for cryptocurrency operators in the country. This development is expected to provide clarity and regulatory guidance for crypto operations in Nigeria.
