From Adesuwa Tsan, Abuja
The Senate has initiated discussions with the Stakeholders in the Blockchain Technology Association of Nigeria (SiBAN) to establish a legal framework for regulating cryptocurrency exchanges in Nigeria.
The talks took place on Wednesday, September 3, during an interactive session between the Senate Committee on Capital Market, chaired by Osita Izunaso, and SiBAN, led by its President, Obinna Iwuno.
Iwuno highlighted Nigeria’s position as the second-ranked country globally and first in Africa for cryptocurrency adoption, yet it lacks a clear regulatory framework. He noted that this gap exposes Nigeria to missed opportunities in the emerging global financial system.
“Here in Nigeria, we cannot afford to take the back seat after ranking second globally in crypto adoption. Africa contributes over 60 percent of blockchain activities, with Nigeria in the lead. Chain analysis puts the value of transactions on the blockchain at $59 billion. This is just a fraction of the potential we can harness with the right framework, regulation, policy, and government support,” he said.
He further disclosed that SiBAN, while currently functioning as a self-regulatory body, has been collaborating with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to strengthen the digital asset space. Iwuno referenced recent international developments, stating, “Recently, President Donald Trump of the United States signed into law the Genius Act which allows the use of dollar-backed stablecoins. This is to ensure the dollar retains its dominance in the new global financial system.”
In his remarks, Senator Osita Izunaso commended SiBAN for its efforts to promote digital assets in Nigeria. “We truly value your dedication to fostering a safe, innovative, and well-regulated digital economy,” he said. “The topics you have proposed, ranging from tokenisation to investor protection and supportive policy, align closely with our objectives. This meeting is an opportunity to shape the future of Nigeria’s capital market.”
Other committee members, including Senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, also advocated for enabling laws to guide cryptocurrency operations in Nigeria.
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