House of Representatives move to Regulate Cryptocurrency and POS Operators.

[Wiwo]

The national assembly, Green chambers, (House of representatives) have set up an Ad hoc committee to review the security implications regulations that set up POS and cryptocurrency operations in Nigeria, as we know in 2024 the joint sessions of the National assembly have invited the CBN governor to appear before it to propose a regulatory framework that will provide solutions to the security challenges posed by lack of documentation of point of sale operators and cryptocurrency virtual assets operations in Nigeria.

Read full news here:
https://dailypost.ng/2025/10/06/reps-move-to-regulate-crypto-pos-operations/

The main focus is on pos operators and lack of documentation, but cryptocurrency is included in this proposed regulations, since there have been cases of multiple fraud against cryptocurrency operators, so yeah both Point of sale and cryptocurrency is the main focus of the regulations.

What to expect in this new regulation:

1: POS and cryptocurrency operations will become fully regulated, with proper documentation one of which is the proposed  none functionality of POS machines 10 meters away from their place of operation as mapped locations in their machines configuration by CBN.

2: vendors like cryptocurrency P2P vendors, and pos operators will be fully documented and regulated in terms of volume of transactions and other criteria for their operations.

What de we think of this proposed regulations, will this help lower the security risks that have bedeviled the virtual assets operations in Nigeria, or this will become a limit placement on the free informal virtual asset market.

[Donk1]

The way I see this regulation is that it would have advantages and disadvantage. Yes I am sure the main purpose of it  is to prioritize security and safety . But First it won't be easy to implement because while they are trying to track transactions on POS and crypto vendors they will also be going against the freedom of its users in the sense that they will be tracking everything  including a normal transaction. Second our government are not to be trusted they will say one thing and try to do another, and as far as crypto is involved  I believe one way or another they are trying to find a way to control cryptocurrency all in the name of tracking illegal activties We will put our privacy in their hands? Nah  that won't work, Already the new rules or document to me already has a down side and its effect is in a wide range because they will be strict rules along with it.

Further moreit's easy to say this new document will be good but in a way, it is a big price that won't be paid Everythng about it is against our financial freedom because it won't be only used for criminals that will get tracked, but also every other user of both POS and crypto. So that's just it...

[Itz-prisigold]

Honestly, this move by the house of representative to regulate POS and crypto operators is not really a bad idea at all. Too many fraud cases and security problems in both sectors. Especially with POS scams and all this unverified crypto dealing. So I think with proper documentation and monitoring could actually help reduce those risks.
However, while the intentions is good, but at the same time, the government needs to be very careful not to overdo it. Too much regulation could end up making things harder for those genuine POS operators and crypto traders whose intention is to earn a living. Crypto, mainly P2P trading depends a lot on flexibility. So these their rules should protect users without killing the freedom.
If this plan is well executed, this might actually help bring more trust and structure into both POS and crypto space in Nigeria

[Perfectbaby]

See ehh awa govment too do and this na to benefits them from those who are trading cryptocurrency and POS, I don't see any reason they should place restrictions and limitations or even tax those who are operating on these services because it's another means to help the poor people grow.
Of course it's their fault for making the banking system function the way it should where these fintech banks are now taking over commercial banks in terms operations and smartness over the commercial system. It's a shame to see that commercial banks can no longer upgrade and increase their services were people are now mostly preferring using them to run a POS service due to their seamless and swift operations, to me I do not support this move because it could caused more pain harm to her citizens instead of doing good.

[Jubilee58]

The national assembly, Green chambers, (House of representatives) have set up an Ad hoc committee to review the security implications regulations that set up POS and cryptocurrency operations in Nigeria, as we know in 2024 the joint sessions of the National assembly have invited the CBN governor to appear before it to propose a regulatory framework that will provide solutions to the security challenges posed by lack of documentation of point of sale operators and cryptocurrency virtual assets operations in Nigeria.

Read full news here:
https://dailypost.ng/2025/10/06/reps-move-to-regulate-crypto-pos-operations/

The main focus is on pos operators and lack of documentation, but cryptocurrency is included in this proposed regulations, since there have been cases of multiple fraud against cryptocurrency operators, so yeah both Point of sale and cryptocurrency is the main focus of the regulations.

What to expect in this new regulation:

1: POS and cryptocurrency operations will become fully regulated, with proper documentation one of which is the proposed  none functionality of POS machines 10 meters away from their place of operation as mapped locations in their machines configuration by CBN.

2: vendors like cryptocurrency P2P vendors, and pos operators will be fully documented and regulated in terms of volume of transactions and other criteria for their operations.

What de we think of this proposed regulations, will this help lower the security risks that have bedeviled the virtual assets operations in Nigeria, or this will become a limit placement on the free informal virtual asset market.

The national house of assembly showing interest in the regulation of POS and cryptocurrency is an interesting move, but the issue is that, they should tackle this regulation with clear motive, and not being sentimental about it.
While they are handling the issue of regulation of POS and cryptocurrency, let every Nigerian have equal chances, and no particular set of people should see themselves as being victims of this regulation, while other people see themselves as the beneficiaries of the regulation, once no group is taking advantage of the regulation, then the goals and objectives of the regulation would be achieved.

Regulation of cryptocurrency asset and point of sale (POS) is a good one, because it is going to help a lot in the area of security, and protection of your business or investment.
While doing a business, your topmost interest should be the security of your business, because if the area of security is compromised, then the success of the business or investment is in a very big danger.

[BitBakerr1]

https://www.facebook.com/100064751497117/posts/pfbid02jrPfoKkXv41Qhvmat5WXhd5idJypeXRAAzuBCz21LwKRJu4Depjt2UjW9PFSNtZul/?app=fbl

CBN has already set 1.2 million daily transaction limit for POS Agent, caps 100k for customer in this there new guild line, we are still suffering unemployment in a very high rate in this our country and they are bringing up things that we even increase unemployment in this country.
Right now the only business and job people do most in this our country is POS business if this there many guild line are enforced it will affect some people especially those POS Agent that have many customers in a day.
Nigeria banks there ATM machine is not usually reliable because money always finish very fast I really don't know what this country is turning into.

The one that is making me angry more is this new tax's policy that will take effect from January next year only God will help us in this country.
What are the citizens paying tax for when the government is not functioning and doing there duty, we will be paying tax but no light, no good road, no employment, no good health care, high cost of living.
May God save our nation and remove bad leadership.

[Curious T]

Where exactly are they standing when it comes to crypto? Are they for or against it, or are they indifferent (I'm not even sure how this is possible) about it? We cannot openly make transactions with crypto-related details for the risk of getting accounts frozen, yet they tax capital gains from crypto and include VAT. Where exactly do they stand? They can't make something illegal or unpopular and still want to benefit from that thing. It doesn't work like that. It's like making cocaine illegal and still including taxes and VATs on illegal cocaine. They can't eat their cake and have it too.

So if they want to regulate and task crypto activities, they have to first allow people to use it without being labelled criminals. If police just find out you have bitcoin or and crypto like this, two seconds they dun call you yahoo boy and nothing you fit tell them.

Anyway, sha, I'm not moved by their bills and whatever they do. To make laws and pass bills no dey hard Nigerian politicians, na to enforce am be the issue. My only problem be say the police and task force boys wey them dey use to enforce the law no dey even understand the law or them go just use am for their personal gain.

[EluguHcman]

The main focus is on pos operators and lack of documentation, but cryptocurrency is included in this proposed regulations, since there have been cases of multiple fraud against cryptocurrency operators, so yeah both Point of sale and cryptocurrency is the main focus of the regulations.

One thing we must understand about the governments is that they will always have excuses to when they want to when they want to hold the masses.mlre captive on regulations, so they will tighten regulation policies whereas, there will be no liberty of individuals Privacies.

The P.O.S is device assigned and approved by the government which every of it's operators has to undergo processes of providing personal documents which is rightfully configured to assign ownership which states those operators are already been regulated with how they are dealing the the fiats.

They also have similar regulatory influence on the crypto users but are specifically to those that uses the regulator exchange platforms.
If they must have more regulatory impact in this Crypto sector, then they should lift the ban of the government sectors from facilitating on crypto transactions. That as well will drive more adoption influence. So they should think of encouraging citizens to be resourceful with the Bitcoin so as to also yield then tax revenues.

Perhaps I disagree that fighting against corruption is even their aim.

[Cryptoprincess101]

Sadly, we live in a country where many people are fighting poverty, but the government is busy fighting the people from one regulatory framework to another. How much are POS operators even making for them to be regulated which i know it will involve paying of taxes. Okay since they said that their daily transaction limit will be 1.2 million naira is a kind of restricting big POS operators who have customers that withdraws a large amount of money. This is just another way to remove food from the mouth of these people that does POS businesses because they will start experiencing low patronage and people might even decide to be doing just electronic transfers instead of withdrawing cash.
       For the aspect of regulating cryptocurrency operations, it didn't even start today because their problem has always been about people in the crypto industry. Small things wey people dey take dey guide na dem wan 'pour sand for people garri' say dem wan do regulation, it's well sha but wetin i know be say Nigerians na strong people so dem go always look for ways to pull through in difficult times.

[Hardyrobust]

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What de we think of this proposed regulations, will this help lower the security risks that have bedeviled the virtual assets operations in Nigeria, or this will become a limit placement on the free informal virtual asset market.

This regulations that the government is trying to make isn't for security risk. If you take a look at the new tax law that was introduced by this administration, this regulations is also heading towards that direction. It is obvious that they want to be collecting tax from P2P vendors and not because of security risk.This current administration is always coming up with policy that will only affect the poor masses, is not as if they want to fight corruption.

[Bright0515]

https://www.facebook.com/100064751497117/posts/pfbid02jrPfoKkXv41Qhvmat5WXhd5idJypeXRAAzuBCz21LwKRJu4Depjt2UjW9PFSNtZul/?app=fbl

CBN has already set 1.2 million daily transaction limit for POS Agent, caps 100k for customer in this there new guild line, we are still suffering unemployment in a very high rate in this our country and they are bringing up things that we even increase unemployment in this country.
Right now the only business and job people do most in this our country is POS business if this there many guild line are enforced it will affect some people especially those POS Agent that have many customers in a day.
Nigeria banks there ATM machine is not usually reliable because money always finish very fast I really don't know what this country is turning into.

The one that is making me angry more is this new tax's policy that will take effect from January next year only God will help us in this country.
What are the citizens paying tax for when the government is not functioning and doing there duty, we will be paying tax but no light, no good road, no employment, no good health care, high cost of living.
May God save our nation and remove bad leadership.

Our government just want make things very difficult more to the people. Although e fit be better thing in the future but right now, this thing no be the actual problem for this country. No be lie say POS business na one of the easiest business way people dey do to sustain their life's. So this one way then done make am dey regulated we sure say e go dey easy for them and for us at all? Just like we know say any little change way happen for this country business people go hike the price of things, we dey sure say the POS agents no go increase the percentage for withdrawals? Abi the government dey really do all this things so that them go fit dey know every body earning and losses when the actual time for tax fo reach.

[Hewlet]

2: vendors like cryptocurrency P2P vendors, and pos operators will be fully documented and regulated in terms of volume of transactions and other criteria for their operations.

So the implication of this will be that just like they attacked binance as a result of their inability to regulate it which has led to the delisting of the Naira up to this moment, they are going to face all crypto related exchanges and try to regulate them all. NO wonder they are also facing POS terminals and operators because so far, it appears as though POS is a major threat to the banking system. if their intention is sincere and just centered at curbing certain excess, it would have not been an issue but the main issue is that a move to regulate crypto is likely a selfish agenda that is centered at satisfying their selfish desire.

[Africolo]

I wouldn't mind to have P2P big vendors documented and regulated if this will help in lifting bank ban on cryptocurrency. I know this is an attempt to tax the POS operator under the new tax reform. The 1m+ daliy transactions is still high in my opinion, it should lower that that amount.

The banks also needs to bring back ATM machines so we don't solely rely on POS operators for cash.

[Wiwo]

I wouldn't mind to have P2P big vendors documented and regulated if this will help in lifting bank ban on cryptocurrency. I know this is an attempt to tax the POS operator under the new tax reform. The 1m+ daliy transactions is still high in my opinion, it should lower that that amount.

The banks also needs to bring back ATM machines so we don't solely rely on POS operators for cash.

I agree with you that everything is tax targeted and at the sametime means to cube financial insecurities and terrorism kidnappers financing, aside from the taxes there are other laws that are not financial involving such as the none performances and operations of pos machines 10 Metters away from you place of registration as recorded via map metering.

There is a whole lot to this tax regim and i am thinking that we need to discuss this really deep to help others to understand the next tax regime better.

On the note of if banks will lift ban on cryptocurrency, we dont even need that, because bringing banks in is like making us pay more the cryptocurrency market is an informal sector, government should just regulates it services and leave the players just like every other informal sector in the economy.