Adedeji Owonibi, co-founder, A&D Forensics, a Nigerian blockchain intelligence service provider, mentioned that the Nigerian government would need to regulate cryptocurrency activities to curb financial crimes, especially money laundering, stated Cointelegraph.
Owonibi is believed to have mentioned on February 9, 2024, 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, added Cointelegraph.
“Nigeria should completely regulate cryptocurrency activities within the country and set out laws to that effect because if there is no law, there is no offense,” Owonibi explained.
Furthermore, Owonibi highlighted the need for Nigerian financial institutions. This is believed to use the services of compliance specialists. It can ensure that all monies that pass through their exchange are not funds used for criminal activities, concluded Cointelegraph.
(With insights from Cointelegraph)
