Lawmakers inaugurated an ad hoc committee to regulate cryptocurrency and PoS operations in Nigeria, citing fraud, money laundering, and security risks.
ABUJA — The House of Representatives has moved to review the economic, regulatory, and security risks associated with cryptocurrency adoption and point-of-sale (PoS) operations in Nigeria.
Speaker of the House, Hon. Tajudeen Abbas, on Monday inaugurated an Ad hoc Committee to examine the growing concerns over fraud, cybercrime, and weak consumer protection in the digital finance space.
Abbas said the opaque nature of cryptocurrency made it vulnerable to terrorism financing and money laundering.
“It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets,” he stated.
Chairman of the committee, Hon. Olufemi Bamisile, described the assignment as one of national significance. He pledged collaboration with the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), EFCC, ICPC, NFIU, NDIC, and the Nigeria Police Force to develop a legislative framework.
Bamisile stressed the goal was to strike a balance between innovation and security, warning that unchecked growth of digital finance poses serious risks of fraud, money laundering, and terrorism financing.