Overview
- The Senate approved the Virtual Asset Service Providers Regulation Bill (SB 956) at second reading and referred it to the Senate Committee on Capital Market for detailed scrutiny.
- Deputy Senate President Barau Jibrin sponsored the bill and Senate Chief Whip Mohammed Monguno presented it to lawmakers for debate and committee review.
- The bill would require crypto exchanges and other virtual asset service providers to obtain licenses and follow transparency and compliance rules.
- Backers say the proposal aims to meet Financial Action Task Force and IMF-style AML/CFT expectations and to reduce fraud while keeping legal space for innovation.
- The bill is not law; its final scope, costs for operators, and effects on remittances, cross-border payments, and financial access will depend on committee amendments and implementing rules.