On Wednesday, the Blockchain Association of Nigeria (SIBAN), a key player in the country’s digital asset ecosystem, engaged the Nigerian Senate on the urgent need to establish a legal framework for cryptocurrency and blockchain regulation.
The dialogue occurred during an interactive session with the Senate Committee on Capital Market, chaired by Senator Osita Izunaso.
The discussion centred on how Nigeria, already a global leader in crypto adoption, can position itself to benefit from the growing financial system by introducing clear policies that protect investors while encouraging innovation.
Nigeria’s crypto leadership and call for action
SIBAN President, Obinna Iwuno, told lawmakers that Nigeria ranks second globally and first in Africa in cryptocurrency adoption, with blockchain transactions valued at over $59 billion.
He argued that such figures prove the country’s growing role in digital finance, making it vital to avoid a policy vacuum.
Iwuno noted that while SIBAN currently operates as a self-regulatory body, it collaborates with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to promote transparency and compliance.
He urged lawmakers to move fast, referencing recent U.S. legislation (Genius Act) strengthening the dollar’s role in digital finance. He said Nigeria cannot afford to be left behind in shaping the future of money.
Senator Izunaso commended SIBAN’s advocacy, stressing that topics such as tokenisation, investor protection, blockchain-driven innovation, and capacity building align with the committee’s priorities.
Other senators, including Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, supported enabling laws that would integrate blockchain and cryptocurrency into Nigeria’s broader capital market system.
Towards a continental advantage
Reports from blockchain research firm Chainalysis already place Nigeria among the top global adopters, underscoring the country’s strategic advantage.
Meanwhile, most experts in the fintech space see Nigeria as a leading example for other nations if the policymakers develop a strong legal framework for digital assets, creating a continental hub for blockchain investment and innovation.
Nevertheless, yesterday’s talks and collaboration signal a shift toward balancing innovation with consumer safety, which has long been a challenge for regulators.
And in the long run, a regulated environment could unlock billions in economic value, strengthen investor confidence, and drive inclusive growth across the continent.