House of Representatives has constituted an Ad-hoc Committee to examine the regulatory and security implications of cryptocurrency adoption and Point-of-Sale (PoS) operations across Nigeria.
Tajudeen Abbas, speaker of the House, announced the formation of the committee during an inauguration ceremony on Monday, saying the move became necessary following increasing reports of fraud, cybercrime, and consumer exploitation within the digital finance ecosystem.
Abbas said the House was worried about the rising number of scams linked to unregulated PoS and crypto transactions, stressing that Nigeria’s digital financial space had become a breeding ground for fraudulent practices due to weak oversight mechanisms.
“It is because of the absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures,” the Speaker said.
He explained that the proposed framework would help close existing loopholes and protect citizens from exploitation by Virtual Asset Service Providers (VASPs), including cryptocurrency operators and other digital finance platforms.
According to Abbas, the ad-hoc committee’s primary assignment will include conducting public hearings and gathering submissions from key stakeholders such as the Central Bank of Nigeria (CBN), fintech companies, cybersecurity experts, and consumer rights organisations.
“The committee is necessary to undertake public hearings to collate relevant information that will guide the House in developing legislation for a regulatory framework for the adoption of cryptocurrency and virtual assets in our economy,” he added.
