Nigeria calls for regulation of cryptocurrency sector

  • Nigeria has called for regulation of the cryptocurrency sector to combat financial crimes.
  • Experts said that “the lack of regulation allows various practices to go unchecked.”

The Nigerian government needs to regulate cryptocurrency activities to combat financial crimes, especially money laundering. Cointelegraph reports this with reference to the co-founder of the analytical company A&D Forensics, Adedeji Owonibi.

The expert noted that “the lack of regulations in the Nigerian crypto space allows various practices to go unchecked.” He added:

“Nigeria must fully regulate cryptocurrency activities and set appropriate rules, because if there is no law, then there is no crime.”

Owonibi also noted the need for Nigerian financial institutions to engage the services of compliance professionals. He said this is to ensure that all funds that pass through their exchanges are not used for criminal activities.

He also noted that the government is training some law enforcement officers as compliance specialists.

Let us recall that at the end of 2022, the media reported that Nigeria plans to legalize cryptocurrencies.

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