The House of Representatives has initiated steps to regulate cryptocurrency and Point-of-Sale (POS) activities in Nigeria. Speaker Abbas Tajudeen, who inaugurated an ad hoc committee on Monday, said the move was prompted by rising cases of fraud, cybercrime, terrorism financing, and consumer exploitation linked to digital financial transactions.
He stressed that the absence of clear rules and accountability around cryptocurrencies, coupled with their volatility, made regulation necessary to protect consumers and strengthen oversight of Virtual Assets Service Providers.
Committee chairman Rep. Olufemi Bamisile (APC–Ekiti) noted that while crypto and POS have boosted financial inclusion and commerce, they also pose significant risks, including fraud and money laundering. The committee will hold public hearings with regulators, fintech operators, civil society, and security agencies to draft a balanced framework.
