The senate committee on capital market has opened talks with the Stakeholders in Blockchain Association of Nigeria (SIBAN) on creating a legal framework for cryptocurrency exchanges in the country.
The collaboration was discussed on Wednesday during an interactive session between the committee led by Osita Izunaso, senator representing Imo west, and a delegation from SIBAN led by its president, Obinna Iwuno.
Iwuno said Nigeria, which ranks second in the world and first in Africa in cryptocurrency adoption, must establish a legal framework for blockchain technology and digital assets similar to what obtains in the United States.
He said SIBAN currently operates as a self-regulatory body while working with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to promote capital and digital asset development.
“Recently, President Donald Trump of the United States signed a bill into law called the Genius Act, to enable the use of USD stable coins,” he said.
“This means the USA is positioning itself to make sure that in the new global financial system that is coming, the dollar does not lose its dominance and value as the global currency.
“Here in Nigeria, we cannot afford to take the back seat after ranking second globally in cryptocurrency adoption.
“In Africa, we take the lead. We contribute over 60 percent of Africa’s adoption and activities on the blockchain.
“These are very important figures for us to note. From chain analysis, the release of transactions that has been done on the blockchain shows a staggering $59 billion. And that is even a tip of the iceberg of the potential we can harness if we have the proper legal framework, structure, regulation, policy and support.”
In his remarks, Izunaso commended SIBAN for promoting the growth of the digital economy in Nigeria.
“We truly value your dedication to fostering a safe, innovative, and well-regulated digital economy,” he said.
“The topics you have proposed for discussion, such as leveraging blockchain technology and tokenisation, ensuring investor protection, enhancing industry capacity, and advocating for supportive policy frameworks, align closely with our committee’s objectives.
“We are eager to delve into these subjects and examine ways to enhance Nigeria’s capital market products and services. This meeting offers a valuable chance for us to collaborate and influence the future of our capital market.”
Other members of the committee, including senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, also called for enabling laws to guide cryptocurrency operations in the country.
