The House of Representatives has inaugurated an ad hoc committee to propose regulatory and consumer-protection measures for cryptocurrency and POS operations amid concerns of fraud, money laundering, and terrorism financing.
The House of Representatives has taken a step toward regulating cryptocurrency and Point-of-Sale (POS) operations in Nigeria, with Speaker Abbas Tajudeen inaugurating an ad hoc committee on Monday to review the economic, regulatory, and security implications of digital financial transactions.
The Speaker said the move was necessary because of growing concerns over fraud, cybercrime, terrorism financing, and consumer exploitation tied to crypto and POS usage. “There are real concerns about the susceptibility of cryptocurrency to terrorism financing and money laundering, considering its opaque nature, dubious regulatory framework, and lack of accountability,” he said.
He added, “It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House found it imperative to establish regulations and consumer protection measures that will guide the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets.”
Rep. Olufemi Bamisile (APC–Ekiti), chairman of the committee, acknowledged the benefits of cryptocurrency and POS in enhancing commerce and financial inclusion but flagged their risks of cybercrime, fraud, and money laundering. The committee plans to engage regulators, fintech operators, civil society and security agencies through public hearings in drafting a balanced legislative framework.