(EFCC), Mr. Ola Olukoyede, has emphasized the need for proper regulation of crypto

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has emphasized the need for proper regulation of the cryptocurrency ecosystem in Nigeria to prevent its misuse for fraudulent activities.

He made this statement during a meeting with the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), who are advocating for the regulation of the sector to ensure a clean economy and combat money laundering. SIBAN has also developed a code of ethics to guide operators and practitioners in the country, showcasing their willingness to work with the government and adhere to international standards. The association is seeking collaboration with the EFCC to provide education and training, as well as to report suspicious activities and individuals involved in cryptocurrency fraud. The EFCC is open to collaborating with SIBAN, recognizing the potential of blockchain technology and cryptocurrency in the national economy, and the importance of a regulated environment to prevent criminal activities and protect investors.