Nigeria’s cryptocurrency story has been marked by fear of scams, capital flight, and a lack of regulatory clarity. After an initial ban in 2021 that drove the industry underground, the country is now working to create a more stable regulatory environment for crypto. Last week, Nigeria’s House of Representatives formed an ad hoc committee to engage with the cryptocurrency industry. The committee recently held a meeting with industry leaders, including Senator Ihenyen, Executive Chair of the Virtual Assets Service Providers Association of Nigeria (VASPA). Senator Ihenyen underscored the need for clarity and outlined a proposed virtual asset law to foster responsible innovation.