The Chairman of the House of Representatives Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (PoS) Operations, Mr. Olufemi Bamisile, has rejected the notion that Nigerians with crypto wallets are criminals.
Speaking at a landmark engagement with cryptocurrency operators, blockchain associations, and fintech innovators at the National Assembly Complex, Abuja, Bamisile stressed the urgent need for clear legal frameworks that promote innovation while safeguarding security and financial integrity.
“Nigeria cannot lag in the digital economy,” he said, urging law enforcement agencies, including the NFIU and EFCC, to develop technical expertise to distinguish innovation from fraud. “Not every young Nigerian with a crypto wallet is a criminal,” he added.
The Committee chairman warned against stifling innovation, calling for phased taxation, incentives for compliance, and the development of locally built regulatory technology to protect monetary sovereignty and prevent the sector from moving underground.
Lawmakers, including Hon. Kama Nkemkama and Hon. Akinosi, pledged that any resulting legislation would be fair, inclusive, and aligned with global best practices.
Industry leaders — including Buchi Okoro (Quidax), Moyo Shodipo (Busha), Olaniyi Atose (KoinKoin), Oluwasegun Kosemani (Botmecash.com), and Ayotunde Alabi (Luno Nigeria) — described the engagement as “historic” for its inclusivity. Representatives from SiBAN, VASPA, BEAN, and other associations called for a unified national policy to strengthen Nigeria’s digital finance ecosystem.
Mawahin Adams of Nigeria Women Bitcoiners highlighted the need for gender inclusion, proposing a national digital-asset literacy programme and embedding blockchain education into NYSC and secondary school curricula to ensure women play an active role in shaping the sector.
A key moment came when the Committee probed Quidax’s regulatory compliance, particularly its integration with Bet9ja and API services. Abdulrasheed Mohammed, Head of Fintech Innovation at the SEC, confirmed that the Accelerated Regulatory Incubation Programme (ARIP) provides strict oversight.
Bamisile stressed that regulation must not stifle innovation. He urged the Federal Inland Revenue Service (FIRS), now Nigerian Revenue Service (NRS), to adopt phased taxation and incentivise compliance, while encouraging local regulatory technology to protect monetary sovereignty and foster domestic capacity building.
The session comes days after Nigeria was removed from the FATF grey list, offering a key opportunity to craft coherent regulations. The Committee is expected to submit its recommendations soon — a move that is likely to define Nigeria’s position as Africa’s leading digital finance hub, striking a balance between innovation, security, and investor protection.
