The Senate has begun collaboration with the Stakeholders in Blockchain Association of Nigeria (SIBAN) to develop a legal framework for digital assets and blockchain operations in the country.
The partnership was announced on Thursday during an interactive session between the Senate Committee on Capital Market, chaired by Senator Osita Izunaso, and a SIBAN delegation led by its President, Obinna Iwuno.
Iwuno highlighted Nigeria’s leadership in cryptocurrency adoption, ranking second globally and first in Africa, with blockchain transactions valued at $59 billion, according to Chainalysis data. He stressed the need for regulatory clarity, citing international developments such as US President Donald Trump’s recent signing of the “Genius Act” to enable USD-backed stablecoins.
“Nigeria must not be left behind. We already contribute over 60 per cent of Africa’s blockchain adoption. A robust legal framework will position us for even greater impact,” he said.
SIBAN, which currently operates as a self-regulatory body, works with the Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) to promote investor protection and responsible innovation.
Senator Izunaso commended SIBAN’s efforts, assuring that the Senate is committed to policies that will enhance Nigeria’s digital asset ecosystem. Other lawmakers, including Senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, also voiced support for enabling legislation.
The meeting is regarded as a major step towards integrating blockchain into Nigeria’s regulatory and economic planning, with the aim of consolidating the country’s role as a leader in global digital finance.
