Reps Set Up Committee To Probe Crypto, PoS Operations

Reps Set Up Committee To Probe Crypto, PoS Operations
Lawmakers cite rising fraud, weak oversight, and consumer exploitation.
CBN, banks, and fintechs to face scrutiny in public hearings.

The House of Representatives has established an ad-hoc committee to investigate the regulatory and security implications of cryptocurrency adoption and Point-of-Sale (PoS) operations across Nigeria.

Speaker of the House, Tajudeen Abbas, announced the formation of the committee during its inauguration on Monday, explaining that the decision followed growing reports of fraud, cybercrime, and consumer exploitation within the nation’s expanding digital finance sector.

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EKO HOT BLOG reports that Abbas expressed concern over the increasing number of scams linked to unregulated PoS and crypto transactions, describing Nigeria’s digital finance ecosystem as vulnerable due to weak oversight and the absence of clear operational standards.

“It is because of the absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures,” Abbas stated.

He added that the proposed framework would help close existing loopholes and safeguard Nigerians from exploitation by Virtual Asset Service Providers (VASPs), including cryptocurrency operators and other digital finance platforms.

According to the Speaker, the committee’s mandate includes organizing public hearings and engaging with critical stakeholders such as the Central Bank of Nigeria (CBN), fintech companies, cybersecurity experts, and consumer rights groups to develop a comprehensive regulatory structure.

“The committee will undertake public hearings to collate relevant information that will guide the House in developing legislation for a regulatory framework governing cryptocurrency and virtual assets in our economy,” Abbas explained.