From Kenneth Udeh, Abuja
The Senate on Wednesday approved regulatory frameworks for digital currencies and fintech activities, including block-chain and cryptocurrency transactions in the country.
The Senate arrived at the resolution after it passed the Investment and Security repeal and re-enactment Bill, 2024 sponsored by Sen. Osita Izunaso (APC-Imo).
Lawmakers considered the Report of the Committee on Capital Market chaired by Izunaso at plenary.
In the course of presenting the report Izunaso disclosed that stakeholders at the public hearing on the bill were unanimous in their support for the passage of the bill.
He said that the capital market, as revolutionary as it was at its inception and after many years of operation, required systemic but substantial updates to align with evolving financial markets and regulatory frameworks globally.
This, he stressed , had become necessary in order to make it more attractive to both local and foreign investors.
“The re-enactment of this proposed legislation will undoubtedly provide a significant opportunity to drive the growth of the capital market and diversification, thereby creating a conducive atmosphere for investors in the Nigerian capital market,” he said.
He proposed that the bill would assist in addressing modern forms of financial malpractices and reinforce inventors’ protection by engendering robust and sustainable economic and social relations.
The bill, Izunaso said, specified further introduction of global best practices in regulatory frameworks for digital currencies and fintech activities, including block-chain and cryptocurrency transactions.
He said that this would help support integration of innovative technologies within the scope of the capital market.
“The passage of the bill would bring about diversity and growth in the capital market through market offerings that would form the foundation for economic expansion, thereby creating job opportunities within the Nigerian capital market, Izunaso concluded.
Following the presentation, the Senate moved into the Committee of the Whole for a clause-by-clause consideration of the bill, after which it was passed third reading via voice votes.