As investigations proceed, the outcome of this case could set significant precedents for how cryptocurrency-related crimes are handled in Nigeria.
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BICCoN believes that a balanced approach can help resolve the current challenges and empower Nigeria to create a supportive environment in which the blockchain industry can thrive.
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In May 2022, Nigeria’s Securities and Exchange Commission introduced a robust regulatory framework for virtual asset service providers, including digital asset exchanges. The framework required compliance with various laws and regulations to foster market integrity, safeguard investors, and deter financial crimes. The rules mandated digital asset exchanges to register, adhere to anti-money laundering (AML) practices, […]
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