The committee, chaired by Olufemi Bamisile, raised the
concern during a technical session with key regulatory and security agencies
held on Monday in Abuja.

In 2024, the SEC had proposed raising the minimum capital
requirement for VASPs to N1 billion – up from N500 million.

At the technical session, the committee said while
regulation of the cryptocurrency sector is necessary, the capital threshold
could “stifle innovation, discourage legitimate investors, and exclude emerging
entrepreneurs, particularly young Nigerians who hold the potential to drive
economic growth and digital transformation”.

The lawmakers, therefore, urged the SEC to review the
requirement to make it “more accessible and inclusive”.

During the session, the Economic and Financial Crimes
Commission (EFCC) disclosed that all confiscated virtual and digital assets
linked to criminal activities are in its custody.

The agency said it maintains dedicated digital wallets
across its zonal offices for the safekeeping of such assets.

In response, the committee directed the EFCC to submit
comprehensive records of all confiscated digital assets to support its ongoing
legislative review and policy recommendations.

Bamisile reaffirmed the committee’s commitment to developing
a framework that balances innovation with oversight, protects the financial
system, and promotes transparency, youth inclusion, and national security
within Nigeria’s digital economy.

However, the committee expressed displeasure over the
failure of several key institutions, including the office of the national
security adviser, the Central Bank of Nigeria (CBN), the Nigerian
Communications Commission (NCC), the Federal Inland Revenue Service (FIRS), and
the ministries of finance and communications, innovation and digital economy to
honour its invitation to the session.

Bamisile also urged the absentees to seriously take “the
economic and security implications of the rapidly evolving digital finance
sector”.