• February 28, 2024

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Expert Urges Nigeria to Regulate Crypto

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According to Adedeji Owonibi, Co-founder of A&D Forensics, a Nigerian blockchain intelligence service provider, the Nigerian government must regulate cryptocurrency transactions in order to prevent financial crimes, particularly money laundering.

He made this statement on February 9 during a training for cryptocurrency compliance specialists hosted by a Blockchain and Digital Forensic firm. Owonibi noted that the lack of regulations in Nigeria’s crypto industry allows for unmonitored practices.

He stressed the importance of implementing laws and regulations for cryptocurrency activities in Nigeria, as without them, there can be no criminal offense. Despite the recent decision by the Central Bank of Nigeria (CBN) to lift the ban on crypto transactions and allow banks to work with Virtual Assets Service Providers (VASP), the training for compliance specialists is still necessary to ensure that banks comply with relevant laws when dealing with VASPs.

In an interview, Owonibi emphasized the importance of financial institutions in Nigeria utilizing the services of compliance specialists to prevent criminal activities through cryptocurrency exchanges.