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Regulation and Policy

Crypto Regulation: Nigerian Expert Urges Action Against Financial Crimes

Crypto Regulation: Nigerian Expert Urges Action Against Financial Crimes

Adedeji Owonibi, co-founder of A&D Forensics, stressed the necessity for Nigeria to implement cryptocurrency regulations to combat financial crimes, particularly money laundering.

Speaking at a recent training session for cryptocurrency compliance specialists, Owonibi emphasized the lack of oversight in Nigeria’s crypto space, calling for the establishment of clear laws to govern cryptocurrency activities within the country.

Despite the Central Bank of Nigeria’s recent decision to lift the ban on crypto transactions, allowing banks to engage with Virtual Assets Service Providers (VASPs), Owonibi highlighted the importance of ongoing compliance training for banks to ensure adherence to relevant laws.

In an interview, Owonibi underscored the role of compliance specialists in assisting Nigerian financial institutions in verifying the legitimacy of funds passing through their exchanges.

The central bank had previously prohibited banks from operating accounts for cryptocurrency service providers. However, guidelines issued on December 22, 2023, outlined conditions under which virtual asset providers could open accounts.

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Owonibi emphasized the need for banks to verify the compliance of virtual asset service providers to prevent involvement in illicit activities such as money laundering and terrorism financing.

While acknowledging the government’s efforts in training law enforcement agents as compliance specialists, Owonibi suggested further training to enhance their effectiveness in combating financial crimes.

Local crypto analysts have advised the Nigerian Securities and Exchange Commission to review licensing requirements for virtual asset service providers, enabling local crypto exchanges to operate legally within the country.


Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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