A&D Forensics: Nigeria needs cryptocurrency regulation measures to ensure financial security
The expert noted that banks should use the services of compliance specialists in the field of digital assets
12.02.2024 - 08:05
What’s new? Adedeji Owonibi, the Co-founder of A&D Forensics, a blockchain intelligence service provider, believes the Nigerian government needs to regulate crypto activities to curb financial crimes, particularly money laundering. According to him, the authorities need to draft appropriate laws, “because if there is no law, there is no offense.”
What else is known? According to Owonibi, even though the Central Bank of Nigeria lifted the ban on cryptocurrency transactions for financial institutions in December, banks need a compliance training program. Thus, the traditional financial sector will adhere to relevant laws when dealing with virtual asset service providers (VASPs), the expert added.
According to Owonibi, banks need to ensure that VASPs are compliant with regulatory requirements and will not become vehicles for money laundering, drug dealing, or terrorist financing. He added that A&D Forensics has completed the training of a new group of cryptocurrency compliance officers.
Owonibi noted that the Nigerian government was training law enforcement officers as compliance officers. He, however, emphasized that the authorities must do more to ensure that all security personnel are well-trained to fight financial crimes.
In September 2023, analytics firm Chainalysis ranked the country second in its rankings for cryptocurrency adoption. In December, a consortium of local banks, fintech, and blockchain companies began developing the cNGN stablecoin, which is expected to launch this year. The asset, which is pegged to the Nigerian naira (NGN) at a 1:1 ratio, will be recognized as legal tender.
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