The Nigerian Senate has advanced a bill aimed at regulating cryptocurrencies, passing its second reading on Tuesday. The proposed legislation, introduced by Deputy Senate President Barau Jibrin, seeks to establish a comprehensive regulatory framework for virtual assets and service providers. It mandates that cryptocurrency exchanges apply for licenses and adhere to transparency and compliance standards. The bill, which aims to protect investors and strengthen Nigeria's digital economy, has been forwarded to the Capital Markets Committee for further review, with a report expected within four weeks. Chief Whip Tahir Monguno highlighted Nigeria's high cryptocurrency adoption rate but noted the country's lag in regulatory measures compared to other African nations, emphasizing the need for a clear legal framework to mitigate risks and curb illicit activities.