The Nigerian Senate, through its Committee on Capital Market, on Wednesday engaged with stakeholders from the Block chain Association of Nigeria (SIBAN), to discuss the development of a legal framework for crypto currency exchanges in the country. The collaborative move emerged during an interactive session led by Senator Osita Izunaso, chairman of the committee, with SIBAN President Obinna Iwuno at the helm.
In his presentation, Iwuno highlighted Nigeria’s prominent position as the second highest adopter of crypto currency globally and the leader in Africa. He stressed the urgent need for a robust legal framework for block chain technology and digital assets, akin to regulatory measures seen in the United States.
Iwuno referenced recent U.S. legislation, including the ‘Genius Act’ signed by President Donald Trump, which supports the use of dollar-pegged stable coins, positioning the U.S. to maintain the dollar’s global dominance in the evolving financial system.
Senator Izunaso praised SIBAN’s commitment to fostering a secure and innovative digital economy, highlighting shared interests in leveraging block chain, ensuring investor protection, and enhancing industry capacity. Other members of the committee, including Senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, also called for laws to enable and regulate crypto currency operations effectively.
This collaboration marks a significant step towards formalizing Nigeria’s digital asset market, aiming to harness its full potential while safeguarding investors and supporting economic growth.
