The House of Representatives’ Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale Operations has reiterated its dedication to crafting a clear and sustainable legal framework for digital assets.
The committee emphasized that innovation must flourish without undermining financial integrity or security.
Chaired by Rep. Olufemi Bamisile, the committee made the declaration on Monday during a stakeholder engagement in Abuja that brought together cryptocurrency operators, fintech innovators, and regulatory officials.
The session was hailed as a key milestone in advancing Nigeria’s digital finance landscape.
Speaking at the event, Bamisile highlighted the committee’s objectives, “The goal is to develop a framework that supports innovation while ensuring transparency, accountability, and security.”
He further urged security agencies, including the Nigeria Financial Intelligence Unit and the Economic and Financial Crimes Commission, to deepen their technical expertise in blockchain technology.
“Not every young Nigerian with a laptop and a crypto wallet is a fraudster,” he added, stressing the need for informed regulation that differentiates between legitimate innovation and illegal activity.
Committee members Hon. Kama Nkemkama and Hon. Akinosi also assured stakeholders that the House would produce legislation that is inclusive, fair, and aligned with international best practices.
The session featured active discussions with industry leaders, including Buchi Okoro (Quidax), Moyo Shodipo (Busha), Olaniyi Atose (KoinKoin), Oluwasegun Kosemani (Botmecash), Ayotunde Alabi (Luno Nigeria), and Emeka Ezike (Bitbarter).
Representatives from major associations, such as the Stakeholders in Blockchain Technology Association of Nigeria, VASPA, BEAN, and Convexity, praised the committee for facilitating “an inclusive dialogue between regulators and operators.”
Mawahin Adams, co-founder of Nigeria Women Bitcoiners, called for greater gender representation in digital asset policymaking.
She also proposed a National Digital-Asset Literacy and Inclusion Programme, suggesting that part of regulatory fees be allocated to public awareness initiatives targeting women and youth.
SEC officials, including Abdulrasheed Mohammed, Head of Fintech Innovations, explained the workings of the Securities and Exchange Commission’s regulatory sandbox, which permits supervised innovation under a controlled framework.
Bamisile emphasized the need to balance oversight with entrepreneurial growth, “Rather than punish innovation, we should strengthen supervision and taxation through agencies like FIRS to ensure the sector contributes meaningfully to Nigeria’s digital economy.”
Stakeholders further stressed the importance of avoiding premature taxation on digital assets, advocating for an incentive-based approach to encourage compliance.
Some also recommended developing homegrown regulatory technologies to monitor digital transactions while fostering local expertise and job creation.
The committee plans to compile its findings and present recommendations that will guide the House in establishing Nigeria’s first comprehensive legal and regulatory framework for cryptocurrency and digital finance operations.
