Owonibi Urges Full Crypto Regulation for Tackling Financial Crimes in Nigeria
A blockchain and digital forensic expert, Adedeji Owonibi, stresses the necessity for Nigeria to fully regulate crypto activities to combat financial crimes associated with digital assets.
Owonibi advocates for a comprehensive governing framework, highlighting that without such regulations, Nigerian authorities will struggle to prevent criminals from exploiting cryptocurrencies for illicit purposes. His call for regulatory measures aligns with the recent decision by the Central Bank of Nigeria to rescind its directive excluding crypto entities from the banking ecosystem.
Owonibi also proposes the enactment of laws mandating banks to vet service providers before granting them account access, emphasizing the importance of compliance to curb money laundering, drug sales, and terrorist financing. He suggests assigning trained compliance officers within banks and educating law enforcement agents to ensure the prevention of financial crimes in the country.
Clever Robot News Desk 13th February 2024