Nigeria has moved a step closer to formalising cryptocurrency regulation as the Senate announced a partnership with the Stakeholders in Blockchain Association of Nigeria to develop a legal framework for digital assets and blockchain operations.

The collaboration was disclosed 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 growing prominence in the global digital economy, stressing that the country ranks second worldwide and first in Africa in cryptocurrency adoption.

He said the proposed legal framework would provide regulatory clarity, boost investor confidence, and position Nigeria as a hub for blockchain innovation.

“From the latest Chainalysis data, transactions conducted via blockchain in Nigeria amounted to a staggering $59 billion.

“This is only a glimpse of what we can achieve with the right legal structure, policy support, and regulatory clarity,” Iwuno said.

He underscored the pressing need for regulatory clarity, pointing to recent U.S. developments where President Donald Trump signed the “Genius Act” into law, authorising the use of USD-backed stablecoins.

He observed that such measures are aimed at safeguarding the U.S. dollar’s dominance within the rapidly changing global financial system.

Iwuno stated, “Nigeria must not be left behind. “We are already a continental leader, contributing over 60 percent of Africa’s blockchain adoption. A robust legal framework will position us for even greater impact.”

Senate Capital Market Committee Chairman, Senator Osita Izunaso, commended SIBAN for its advocacy toward building a safe and innovative digital economy.

He reaffirmed the Senate’s commitment to advancing policies that strengthen Nigeria’s capital market and foster growth in the digital asset ecosystem.

“We appreciate your dedication to building a secure and dynamic digital economy.

“Your focus on blockchain utilization, investor protection, and capacity building aligns closely with our committee’s priorities,” he added.

Other lawmakers, including Senators Victor Umeh, Jibrin Isa, and Mustapha Khabeeb, voiced strong backing for legislation to legitimise and regulate cryptocurrency activities in Nigeria.