Svmuu News: On Tuesday, the Nigerian Senate passed a cryptocurrency regulation bill on its second reading and referred it to the Capital Markets Committee for further consideration, requesting a report within four weeks. The bill, introduced by Deputy Senate Leader Barau Jibrin, aims to establish a comprehensive regulatory framework for virtual assets, digital assets, and virtual asset service providers, mandating that cryptocurrency exchanges apply for licenses and comply with transparency and regulatory requirements. During the debate, Chief Whip Tahir Monguno stated that while Nigeria is one of the countries with the highest cryptocurrency adoption rates in Africa, it has fallen behind several other African nations in regulating the digital financial ecosystem. The lack of a clear legal framework exposes investors to risks and allows illegal activities to thrive within the industry. (premiumtimesng)