Lawmakers and SIBAN explore legal framework for cryptocurrency as Nigeria ranks second in global adoption.
The Senate Committee on Capital Market has opened consultations with key blockchain stakeholders in a move to develop a regulatory framework for cryptocurrency exchanges in Nigeria.
The initiative was the focus of an interactive session held on Wednesday between the committee, led by the Senator representing Imo West Osita Izunaso, and representatives of the Stakeholders in Blockchain Association of Nigeria (SIBAN), headed by its President, Obinna Iwuno.
Push for Legal Structure as Nigeria Rises in Crypto Rankings
Speaking at the meeting, Iwuno emphasized the urgency of establishing a comprehensive legal framework to support blockchain and digital asset development in the country. He noted that Nigeria ranks second globally and first in Africa in cryptocurrency adoption, yet lacks a robust legal structure to govern the sector.
Iwuno pointed to international developments, referencing recent moves in the United States where President Donald Trump signed the Genius Act into law, enabling the formal use of USD-backed stablecoins to preserve the dollar’s dominance in the emerging digital financial landscape.
“We cannot afford to lag behind,” Iwuno warned. “Nigeria contributes over 60% of Africa’s blockchain activity, with transactions valued at $59 billion. That’s just scratching the surface. With the right regulations, we can unlock much more.”
He noted that SIBAN currently operates as a self-regulatory organization (SRO) and has been working in partnership with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to ensure responsible growth within the digital asset ecosystem.
Senate Promises Support for Crypto Policy Development
Izunaso praised SIBAN’s efforts in advancing blockchain innovation and digital asset adoption in Nigeria, expressing the committee’s readiness to support enabling legislation.
“We value your commitment to building a safe, innovative, and well-regulated digital economy,” Izunaso said. “Your proposals around blockchain, tokenisation, investor protection, and capacity building align perfectly with our legislative agenda.”
He said the committee looks forward to deepening discussions around how blockchain technology can enhance Nigeria’s capital markets and contribute to economic growth.
Other members of the Senate Committee including Senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb also echoed support for the creation of clear legal guidelines to govern crypto operations in Nigeria, noting the importance of investor protection, market integrity, and global competitiveness.
