Nigerian Senate Passes Cryptocurrency Regulation Bill, Introducing Licensing System

Senate Approves Bill Mandating Licensing

On the 9th, the Nigerian Senate passed the 'Virtual Asset Service Providers Regulation Bill' in its second reading, which mandates cryptocurrency exchanges and virtual asset service providers (VASP) to obtain licenses, as reported by the local media, Premium Times. The bill includes provisions for the introduction of a licensing system, as well as compliance, transparency, and reporting obligations to authorities.

The bill was passed by a voice vote...