House Speaker Abbas Tajudeen has called for a legal framework to regulate cryptocurrency and POS operations in Nigeria.
He said proper oversight is vital to curb fraud and protect the digital economy.
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has called for the creation of a comprehensive legal framework to regulate cryptocurrency trading and Point-of-Sale (POS) operations in Nigeria.
Speaking in Abuja during 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, Tajudeen said the move is crucial to safeguard the nation’s economy and citizens from emerging digital threats.
Represented by the House Whip, Hon. Usman Kumo, the Speaker described the committee’s assignment as a “national call to action,” stressing that digital transactions are now central to global commerce.
He noted that while cryptocurrency and POS systems present significant opportunities for financial inclusion and innovation, they also expose users to risks such as cybercrime, fraud, and money laundering. “Nigeria cannot remain isolated from global digital finance, but we must ensure that innovation does not come at the expense of economic stability or public safety,” Tajudeen said.
The Speaker urged the committee to engage regulators, financial institutions, and technology experts to design an inclusive and transparent policy framework that promotes both security and growth in the digital economy.
Committee Chairman, Hon. Olufemi Bamisile, also expressed concern that many financial technology platforms are increasingly being exploited by scammers. He said regulatory agencies often struggle to keep up with the pace of technological change, leaving gaps that criminals take advantage of.
Bamisile added that the committee would carefully examine both the opportunities and dangers of cryptocurrency and POS operations before recommending practical policies to strengthen regulation and protect consumers.
