LunagisthubNigeria’s House of Representatives to Regulate Crypto and POS Operations
The House of Representatives has established an Ad-hoc Committee to review the regulations and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria. This move aims to address concerns over fraud, cybercrime, and consumer exploitation in the digital finance space.
The committee’s establishment follows allegations of illicit activities within the financial system, particularly among POS users. Undocumented POS transactions have created a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorized transactions.
The Ad-hoc Committee will:
Conduct Public Hearings:Gather relevant information from stakeholders to guide the House in developing legislation for a regulatory framework.
Develop Legislative Framework:Create regulations and consumer protection measures to oversee Virtual Assets Service Providers, including cryptocurrencies and crypto assets.
Ensure Balance: Balance financial innovation with national security, protecting citizens and the integrity of Nigeria’s financial system.
The committee will collaborate with:
Central Bank of Nigeria
Securities and Exchange Commission
Nigeria Deposit Insurance Corporation
Nigerian Financial Intelligence Unit
Economic and Financial Crimes Commission. Independent Corrupt Practices Commission
Nigeria Police Force
The committee will adopt a consultative and evidence-based approach, engaging stakeholders through public hearings to gather diverse perspectives. This will enable the development of a comprehensive regulatory framework that encourages innovation while safeguarding the nation’s financial system .
Lunagisthub
