The House of Representatives has commenced efforts to regulate cryptocurrency and Point-of-Sale (POS) operations in Nigeria, following rising concerns over fraud, cybercrime, and terrorism financing linked to digital financial transactions.
Speaker of the House, Rep. Abbas Tajudeen, made this known in Abuja on Monday during the inauguration of an ad hoc committee set up to review the economic, regulatory, and security implications of virtual assets and POS transactions.
Abbas said the legislative action became necessary due to the absence of clear regulatory frameworks governing cryptocurrency and related activities in the country.
“There are real concerns about the susceptibility of cryptocurrency to terrorism financing and money laundering, considering its opaque nature and lack of accountability,” he said.
He noted that while Nigeria’s economy has shown resilience and growth in non-oil sectors, the volatility and complexity of virtual currencies present serious risks that require urgent attention.
The Speaker said the House was committed to developing legislation to establish appropriate regulations and consumer protection measures for Virtual Asset Service Providers (VASPs), including cryptocurrency exchanges and operators.
According to him, public hearings would be held to gather input from relevant stakeholders in order to draft a comprehensive regulatory framework for digital financial services.
In his remarks, Chairman of the Committee, Rep. Olufemi Bamisile (APC–Ekiti), said that while cryptocurrency and POS platforms have improved commerce and financial inclusion, they also expose users and the financial system to significant threats.
Bamisile said the committee would adopt a consultative and evidence-based approach, engaging with regulators, fintech companies, civil society, and security agencies to ensure informed and inclusive outcomes.
He listed key partners in the process to include the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and the Nigeria Police Force.
The lawmaker added that the committee’s final recommendations would strike a balance between innovation, economic growth, and safeguarding national security and consumer rights.
