Reps to regulate crypto and POS operations in Nigeria
The House of Representatives has revealed plans to introduce legislation to regulate cryptocurrency and Point of Sale (POS) operations across Nigeria.
This move follows growing concerns over rising cases of fraud, money laundering, and untraceable transactions linked to unregulated financial technologies. Lawmakers say the bill aims to ensure accountability, strengthen financial security, and protect consumers.
Speaking at a public hearing in Abuja, the Chairman, House Committee on Financial Institutions, noted that the regulation will create a clear legal framework for crypto exchanges, wallet providers, and POS operators.
He added that while digital finance has boosted financial inclusion, the lack of proper oversight exposes millions of Nigerians to cyber fraud and financial risks.
The proposed law is expected to mandate registration and licensing for operators, establish consumer protection standards, and define penalties for non-compliance.
Financial experts have welcomed the move, describing it as a step toward balancing innovation with national security and economic stability.
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