The House of Representatives’ Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (PoS) Operations has stated that the country will not compromise on financial integrity and security in abid to promote innovation in financial payments.
The Lawmakers made the pledge on Monday during a stakeholder session in Abuja, chaired by Rep. Olufemi Bamisile, and attended by cryptocurrency operators, fintech innovators, and regulatory officials.
The session was described as a significant step toward advancing Nigeria’s digital finance ecosystem.
Speaking at the event, Bamisile stressed that the framework would promote innovation while ensuring transparency, accountability, and security.
He also urged security agencies, including the Nigeria Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC), to develop technical expertise in blockchain technology.
“Not every young Nigerian with a laptop and a crypto wallet is a fraudster,” Bamisile said, highlighting the need for informed regulation that distinguishes legitimate innovation from illegal activity.
Other committee members, including Hon. Kama Nkemkama and Hon. Akinosi, pledged that the House would produce legislation that is inclusive, fair, and aligned with global best practices.
The session featured active discussions with industry leaders, including Buchi Okoro (Quidax), Moyo Shodipo (Busha), Olaniyi Atose (KoinKoin), Oluwasegun Kosemani (Botmecash), Ayotunde Alabi (Luno Nigeria), and Emeka Ezike (Bitbarter).
Representatives from major associations such as the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), VASPA, BEAN, and Convexity praised the committee for fostering an inclusive dialogue between regulators and operators.
Mawahin Adams, co-founder of Nigeria Women Bitcoiners, called for gender inclusion in digital asset policymaking and proposed a National Digital-Asset Literacy and Inclusion Programme, recommending that a portion of regulatory fees be directed toward public awareness campaigns targeting women and youth.
During the meeting, SEC officials, including Abdulrasheed Mohammed, Head of Fintech Innovations, explained the operations of the Securities and Exchange Commission’s regulatory sandbox, which allows supervised innovation within a controlled framework.
Bamisile underscored the need to balance regulatory oversight with entrepreneurial growth.
“Rather than punish innovation, we should strengthen supervision and taxation through agencies like FIRS to ensure the sector contributes meaningfully to Nigeria’s digital economy,” he said.
Stakeholders also stressed avoiding premature taxation of digital assets and suggested an incentive-based approach to encourage compliance. Some advocated for the development of homegrown regulatory technologies to monitor digital transactions while promoting local capacity and job creation.
The committee plans to present its recommendations to guide the House in establishing Nigeria’s first comprehensive legal and regulatory framework for cryptocurrency and digital finance operations.