By Gloria Ikibah
The House of Representatives Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (POS) Operations in Nigeria has said that the N500 million to N1 billion capital requirement set by the Securities and Exchange Commission (SEC) for Virtual Assets Service Providers (VASPs) was toohigh and prohibitive.
Chairman of the Committee, Rep. Olufemi Bamisile, who stated this during its technical session with key regulatory and security agencies on Monday in Abuja, urged the SEC to review the capital requirement to make it more accessible and inclusive. 
The lawmaker noted that while regulation of the cryptocurrency sector was crucial, the current capital threshold can choke innovation, discourage legitimate investors, and exclude emerging entrepreneurs, particularly young Nigerians, who hold the potential to drive economic growth and Nigeria’s digital transformation.
During the session, the Economic and Financial Crimes Commission (EFCC) informed the Committee that all confiscated virtual and digital assets linked to criminal activities are currently in its custody.
The Commission further revealed that it keeps dedicated digital wallets across its zonal offices for the safekeeping of such assets.
In response, the Committee directed the EFCC to provide comprehensive records of all digital asset confiscations to support its ongoing legislative review and policy recommendations.
The Chairman therefore restated the commitment of the Committeto developing a regulatory framework that balances innovation with oversight, safeguards the financial system, and promotes transparency, youth inclusion, and national security in Nigeria’s digital economy.
He, however, expressed displeasure over the failure of several key institutions, including the Office of the National Security Adviser, Central Bank of Nigeria, Nigerian Communications Commission, Federal Inland Revenue Service, Ministry of Finance, and Ministry of Communications, Innovation and Digital Economy, to honour its invitation to the meeting.
Rep. Bamisile said the economic and security implications of the rapidly evolving digital finance sector should be take seriously.
