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:

“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.”

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.

In an interview, Owonibi emphasized the need for Nigerian financial institutions to use the services of compliance specialists to ensure that all monies that pass through their exchange are not funds used for criminal activities.

Compliance laws are meant to stop bad actors as they act as…

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