On June 10, 2026, the Nigerian Senate passed for second reading a bill seeking to establish a comprehensive legal, regulatory, and supervisory framework for virtual assets, digital assets, and virtual asset service providers operating in Nigeria.
The bill, which aims to address the growing cryptocurrency and digital asset sector in the country, was sponsored by Senator Ihenyen and co-sponsored by several other senators. It seeks to create a regulatory body to oversee virtual asset activities, combat money laundering, and protect consumers.
According to the Senate President, the bill is part of efforts to align Nigeria with global standards on digital asset regulation, particularly recommendations from the Financial Action Task Force (FATF). The second reading passage allows for further committee scrutiny before a final vote.
Nigeria has one of the highest rates of cryptocurrency adoption in Africa, but the sector has operated with limited legal clarity. The Central Bank of Nigeria had previously restricted banks from facilitating crypto transactions in 2021, though later eased some restrictions.
