The Speaker of the House of Representatives Hon Abbas Tajudeen says Nigeria must develop a clear legal framework to regulate crypto currency and Point-of-Sale (POS) operations to protect the economy and citizens from digital risks.
Speaking in Abuja at the inauguration and cross-industry review of the House Ad-hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and POS Operations, the Speaker, represented by the House Whip, Hon. Usman Kumo, described the assignment as a national call to action.
He said crypto currency and POS transactions have become integral to global commerce, and Nigeria cannot afford to remain isolated. While digital finance offers vast opportunities, he noted, it also poses serious threats such as cybercrime, fraud, and money laundering, which must be addressed through effective legislation.
The Speaker urged the committee to consult experts, regulators, and industry players to develop a sound policy framework that will ensure safe and transparent digital financial operations. In his remarks, Committee Chairman, Hon. Olufemi Bamisile, warned that many fintech platforms have become tools for scammers, noting that regulators often struggle to keep pace with the fast-evolving digital finance landscape. He said the committee would examine both the opportunities and challenges of crypto currency and POS operations and work with stakeholders to establish a strong regulatory framework.
