{"id":73864,"date":"2026-06-11T05:05:22","date_gmt":"2026-06-11T05:05:22","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nigeria-senate-pushes-crypto-bill-to-committee-setting-up-4-week-review-phase\/"},"modified":"2026-06-11T05:05:22","modified_gmt":"2026-06-11T05:05:22","slug":"nigeria-senate-pushes-crypto-bill-to-committee-setting-up-4-week-review-phase","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nigeria-senate-pushes-crypto-bill-to-committee-setting-up-4-week-review-phase\/","title":{"rendered":"Nigeria Senate Pushes Crypto Bill to Committee, Setting Up 4-Week Review Phase"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Nigeria\u2019s Senate advanced a crypto bill on June 9 as Tahir Monguno warned delays fueled risks.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Rume Ophi said the 2021 CBN ban under Godwin Emefiele set the industry back five years.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Ophi argued the sector could aid President Tinubu\u2019s push toward a $1 trillion economy.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Legislative Progress and Next Steps<\/h2>\n<p>Nigeria\u2019s Senate on June 9 passed a <span>cryptocurrency<\/span> regulation bill through a second reading, moving Africa\u2019s largest economy closer to establishing its first full legal framework for digital assets after years of high adoption and policy whiplash. The proposed legislation introduces mandatory licensing for <span>crypto<\/span> exchanges, investor\u2011protection rules and stronger oversight to curb money laundering and terrorism financing.<\/p>\n<p>Deputy Senate President Barau Jibrin, who presided over the session, <a href=\"https:\/\/www.premiumtimesng.com\/business\/business-news\/886363-senate-passes-bill-to-regulate-cryptocurrency-safeguard-investors.html\" target=\"_blank\" rel=\"noopener noreferrer\">announced<\/a> the bill\u2019s advancement after a majority voice vote. The measure now heads to the Senate Committee on Capital Market, which has four weeks to conduct a public hearing and return with recommendations.<\/p>\n<p>Nigeria remains one of the world\u2019s most active <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> markets, with millions using <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> and other digital assets for savings, remittances and commerce. But lawmakers said the sector\u2019s rapid growth has unfolded in a regulatory vacuum, leaving users exposed to fraud, cybercrime and market manipulation.<\/p>\n<p>Senate Chief Whip Tahir Monguno, who sponsored the bill, said Nigeria\u2019s delay has allowed illicit activity to flourish.<\/p>\n<p>\u201cThe absence of a clear legal framework has exposed investors to risks and enabled illicit activities to thrive,\u201d Monguno said, adding that the bill \u201cspeaks directly to the realities of our time.\u201d<\/p>\n<p>Several lawmakers echoed the need for transparency.<\/p>\n<p>\u201cIf you do not provide a regulatory framework for this sector, it will go under the table in a black market environment,\u201d said Sen. Shuaib Salisu of Ogun Central. \u201cOnce there is no transparency and activities become opaque, it allows criminal activity to take place.\u201d<\/p>\n<p>Sen. Oyelola Ashiru questioned why Nigeria lagged behind Kenya, South Africa and Ghana, while Sen. Adetokunbo Abiru urged harmonization with existing financial laws to avoid regulatory overlap.<\/p>\n<h2>Industry Reaction: \u2018We Wasted Five Years\u2019<\/h2>\n<p>Rume Ophi, co\u2011convener of Decentralised Nigeria and lead for programs and communications at VASPA, delivered one of the strongest reactions yet, criticizing Nigeria\u2019s history of policy reversals and missed opportunities.<\/p>\n<p>\u201cNigeria is always learning from its own experience, which is very sad. Countries like Kenya, South Africa and Ghana are way ahead of us because we love to fight what we don\u2019t understand.\u201d<\/p>\n<p>Ophi said Nigeria\u2019s position as \u201cthe giant of Africa\u201d has not translated into leadership in digital finance.<\/p>\n<p>\u201cAs the giant of Africa, you lead by example, but right now, we can\u2019t even lead ourselves in the virtual asset space. We wasted five years, just for the fun of it.\u201d<\/p>\n<p>He recalled the <a href=\"https:\/\/news.bitcoin.com\/nigeria-crypto-ban-stakeholder-body-politicians-assail-central-banks-directive-to-financial-institutions\/\">February 2021<\/a> <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> banking ban, enforced under then\u2013Central Bank of Nigeria Governor Godwin Emefiele, who publicly dismissed <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> as a tool for criminals.<\/p>\n<p>\u201cRather than learn from the reason why Nigeria became the world\u2019s second\u2011largest user, they fought the interests of young Nigerians.\u201d<\/p>\n<p>Ophi said the Senate\u2019s surprise at Nigeria\u2019s lagging position reflects a deeper failure to study regional progress.<\/p>\n<p>\u201cWe are behind because we don\u2019t study what others are doing to better their economy.\u201d<\/p>\n<p>Still, he acknowledged improvements under President Bola Tinubu, urging lawmakers to follow through on campaign promises and enact legislation that attracts investors and builders.<\/p>\n<p>\u201cThe political will to make a law that attracts investors, founders and enthusiasts cannot be overemphasized. The president made a promise during his last election. That should be completed and sealed going forward.\u201d<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/nigeria-senate-pushes-crypto-bill-to-committee-setting-up-4-week-review-phase\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Nigeria\u2019s Senate advanced a crypto bill on June 9 as Tahir Monguno warned delays fueled risks. Rume Ophi said the 2021 CBN ban under Godwin Emefiele set the industry back five years. Ophi argued the sector could aid President Tinubu\u2019s push toward a $1 trillion economy. [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":73865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73864"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=73864"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/73865"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=73864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=73864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=73864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}