Cryptocurrency: Senate Partners with SIBAN on Legal Framework

By Iyojo Ameh

The Senate, through its Committee on Capital Market, on Wednesday engaged the Stakeholders in Blockchain Association of Nigeria (SIBAN) in discussions on developing a legal framework for cryptocurrency exchanges in the country.

The collaboration came to the fore during an interactive session between the Senator Osita Izunaso-led committee and the SIBAN delegation, headed by its President, Obinna Iwuno.

In his presentation, Iwuno stressed that Nigeria, which ranks second globally and first in Africa in cryptocurrency adoption, urgently needs to establish a legal framework for blockchain technology and digital assets, similar to what is obtainable in the United States.

He explained that although SIBAN currently operates as a self-regulatory body, it works closely with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to advance the growth of the capital and digital asset markets in the country.

Citing global trends, he noted:
“Recently, President Donald Trump of the United States signed into law the Genius Act, enabling the use of dollar-pegged stablecoins. This shows America’s commitment to ensuring the dollar maintains its dominance in the evolving global financial system.

Here in Nigeria, we cannot afford to take a back seat after ranking second worldwide in cryptocurrency adoption. Africa looks up to us, and we already contribute over 60 percent of the continent’s blockchain adoption and activities.

From chain analysis, transactions on the blockchain amount to a staggering $59 billion. And that’s only a fraction of what can be achieved if Nigeria adopts proper legal frameworks, regulations, policies, and institutional support.”

In his opening remarks, Senator Izunaso commended SIBAN for championing digital innovation in Nigeria’s economy.
“We truly value your dedication to fostering a safe, innovative, and well-regulated digital economy.

The topics you proposed—such as blockchain utilization, tokenization, investor protection, industry capacity-building, and supportive policies—are well-aligned with our committee’s objectives. This session presents a unique opportunity for us to shape the future of Nigeria’s capital market.”

Other members of the committee, including Senators Victor Umeh (Anambra Central), Jibrin Isa (Kogi East), and Mustapha Khabeeb (Jigawa South-West), also emphasized the need for enabling legislation for cryptocurrency operators in the country.