The bill has passed second reading and moved to the Capital Market Committee, which is due to report back within four weeks on a framework for virtual assets and service providers.
Nigeria’s Senate passed the second reading of a Virtual Asset Service Providers Regulation Bill and referred it to the Capital Market Committee for further review, with a report due within four weeks. The bill, introduced by Deputy Senate President Barau Jibrin, would create a regulatory framework for virtual assets, digital assets and service providers, requiring exchanges to obtain licenses and meet transparency and compliance rules. If enacted, the measure would mark another step toward formal oversight of crypto market intermediaries in one of Africa’s most active digital-asset markets.