Opinion: The Nigerian government should strengthen supervision to combat cryptocurrency-related financial crimes

Adedeji Owonibi, co-founder of A&D Forensics, a Nigerian blockchain information analysis service provider, said in a cryptocurrency compliance expert training provided on February 9 that the Nigerian government needs to regulate cryptocurrency activities and formulate corresponding laws to Curbing financial crime, especially money laundering. Although the Central Bank of Nigeria (CBN) recently lifted its ban on crypto trading, allowing banks to operate accounts for virtual asset service providers (VASPs), Owonibi explained that the compliance expert training is designed to ensure that banks’ interactions with VASPs are compliant by law. Owonibi said major banks must ensure that virtual asset service providers who open accounts with their banks are compliant exchanges to prevent them from becoming conduits for global money laundering, drug sales or terrorism financing. Owonibi noted that the Nigerian government has been training some law enforcement officers as compliance experts, but said the government needs to do more to ensure that all security officers are well trained to combat financial crime. (Cointelegraph)