The Nigerian Senate passed a cryptocurrency regulatory bill on its second reading, which proposes to require exchanges to apply for licenses.

CoinFeed reported on June 16th that, according to Premium Times, the Nigerian Senate passed a bill on Tuesday aimed at regulating cryptocurrencies, protecting investors, and strengthening the digital economy. The bill passed its second reading and was submitted to the Capital Markets Committee for further consideration, requiring a report within four weeks. Introduced by Deputy Senate President Barau Jibrin, the bill aims to establish a comprehensive regulatory framework for virtual assets, digital assets, and virtual asset service providers, mandating that cryptocurrency exchanges apply for licenses and comply with transparency and compliance requirements. Chief Whip Tahir Monguno stated during the debate that although Nigeria has one of the highest cryptocurrency adoption rates in Africa, it lags behind many other African countries in regulating its digital financial ecosystem. The lack of a clear legal framework exposes investors to risk and allows illegal activities to flourish in the industry.