The Senate, through its Committee on Capital Market, is working with the Stakeholders in Blockchain Association of Nigeria, SIBAN, to develop a comprehensive legal framework for cryptocurrency exchanges in the country.
The collaboration was initiated during an interactive session on Wednesday in Abuja, chaired by Sen. Osita Izunaso, with the SIBAN delegation led by its President, Obinna Iwuno.
Iwuno highlighted Nigeria’s global standing in cryptocurrency adoption, ranking second worldwide and first in Africa, as a compelling reason for establishing a clear regulatory structure for blockchain and digital assets.
He noted that while SIBAN currently operates as a self-regulatory body, it collaborates closely with the Securities and Exchange Commission, SEC, and the Nigerian Financial Intelligence Unit, NFIU, to promote the country’s capital and digital asset markets.
“Recently, U.S. President Donald Trump signed the Genius Act into law, enabling the use of dollar-pegged stablecoins, USD Coins.
“This is part of the U.S. strategy to maintain the dollar’s dominance in the evolving global financial system,” Iwuno said.
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“Nigeria cannot afford to fall behind. We lead Africa in blockchain activity, accounting for more than 60 per cent of the continent’s adoption.
“Chainalysis reports estimate Nigeria’s blockchain transactions at 59 billion dollars.
“And that is even a tip of the iceberg of the potential that we can harness if we have the proper legal framework, structure, regulation, policy and support”.
In his opening remarks, Sen. Izunaso praised SIBAN’s commitment to building a secure and innovative digital economy.
“We appreciate your dedication to fostering a well-regulated and forward-thinking ecosystem.
“Topics like blockchain technology, tokenisation, investor protection, capacity building and supportive policy frameworks align perfectly with our goals,” he said.
“This engagement is an opportunity for joint efforts to shape the future of Nigeria’s capital markets.”
Committee members, including Senators Victor Umeh, Anambra Central, Jibrin Isa, Kogi East, and Khabeeb Mustapha, Jigawa South-West, echoed the need for enabling laws that would support the operations of cryptocurrency and blockchain-based enterprises in Nigeria.
NAN
