Chairman of the committee, Hon. Olufemi Richard Bamisile, stated this during a technical session with key regulatory and security agencies at the National Assembly complex, Abuja, on Monday.
Lawmakers observed that while effective regulation of the cryptocurrency space is necessary, the current capital threshold could stifle innovation, discourage legitimate investment, and exclude young entrepreneurs who are driving growth in Nigeria’s digital economy.
The committee, therefore, urged the SEC to review the capital requirement to make it more inclusive and supportive of innovation.
During the session, the Economic and Financial Crimes Commission (EFCC) revealed that all confiscated virtual and digital assets linked to criminal activities are in its custody.
The commission said it operates dedicated digital wallets across its zonal offices for the safekeeping of such assets.
In response, the committee directed the EFCC to furnish it with comprehensive records of all digital asset confiscations to aid its ongoing legislative review and policy recommendations.
The committee 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.
Bamisile urged the agencies to take seriously the economic and security implications of the rapidly evolving digital finance sector.
