Nigeria May Accelerate Development of Crypto Regulation

In December 2023, the Central Bank of Nigeria announced the lifting of the ban on investments in virtual currencies. The regulator stated that cryptocurrency companies must obtain a license in order to serve Bitcoin holders. This ban has been in effect since February 2021.

A&D Forensics co-founder Adedeji Owonibi urged the Nigerian government to expedite the implementation of legislation to regulate the crypto market.

The proposed regulatory framework aims to promote transparency in the market and combat criminal activities involving cryptocurrencies.

The statement from Owonibi has yet to be addressed by authorities, but many officials within the Nigerian government share the belief that regulation is necessary in the crypto space.

Owonibi stressed the importance of regulating cryptocurrency to prevent criminal transactions in the absence of appropriate laws.