Nigeria urged to regulate cryptocurrency to tackle financial crimes
Adedeji Owonibi, the Co-founder of A&D Forensics, a blockchain intelligence service provider, pointed out that the lack of regulations in Nigeria’s crypto space permits various practices to go unmonitored.
The Nigerian government would need to regulate cryptocurrency activities to curb financial crimes, especially money laundering, according to Adedeji Owonibi, the Co-founder of A&D Forensics, a Nigerian blockchain intelligence service provider.
Owonibi mentioned this on Feb. 9 at a training for cryptocurrency compliance specialists by a Blockchain and Digital Forensic firm. He pointed out that the lack of regulations in Nigeria’s crypto space permits various practices to go unmonitored. He said:
Despite the recent reversal of the crypto transaction ban by the Central Bank of Nigeria (CBN), enabling banks to operate accounts for Virtual Assets Service Providers (VASP), Owonibi explained that the compliance specialist training aims to ensure banks adhere to the relevant laws in their interactions with VASPs.
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