The Nigerian Senate passes the second reading of the cryptocurrency regulation bill, proposing mandatory licensing for exchanges.

Deep Tide TechFlow News, June 16th, according to Premium Times, the Nigerian Senate has passed a second reading of a cryptocurrency regulation bill, led by Deputy Senate President Barau Jibrin, aimed at establishing a comprehensive regulatory framework for virtual assets and virtual asset service providers (VASPs), requiring crypto exchanges to fulfill mandatory licensing, transparency, and compliance obligations. After the bill's passage, it has been referred to the Senate Capital Markets Committee for further review, which must submit a report within four weeks.

Senators pointed out that although Nigeria is one of the countries with the highest cryptocurrency adoption rates in Africa, it has long lagged behind other African countries such as Kenya, South Africa, and Ghana in regulation. The lack of regulation has led to many investors suffering fraud losses and has provided a breeding ground for illegal activities such as money laundering.