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Nigeria Intensifies Crackdown on Crypto Crimes as Regulations Tighten

In this post:

  • Nigerian Interpol trained to trace crypto crimes using blockchain analysis.
  • The session aimed to combat rising digital asset cybercrime in Nigeria.
  • Experts stressed closing the cybercrime capability gap through collaboration.

Nigerian Interpol, cyber security specialists, and other members of the local intelligence community met to discuss how to deal with cybercrime in Nigeria, which is growing.

Upskilling law enforcement

The meeting, held in Nigeria’s capital, Abuja, under a training platform organized by A&D Forensics in collaboration with the Africa Stablecoin Consortium, was set up to put Nigerian Interpol in a position to reduce the crimes related to digital assets, especially stablecoins.

The training session was designed to equip Interpol agents with the knowledge to use blockchain intelligence and analysis to trace and prosecute cybercriminals involved in Bitcoin and stablecoin transactions. Chioma Onyekelu, the blockchain specialist, says the session’s goal was to enable the agents to use blockchain technology to help them track and prosecute cybercriminals. Onyekelu said that nowadays, cybercrime has transformed into the digital equivalent of conventional banking, and criminals use digital assets to commit different types of cybercrimes. 

He pointed out that as Nigeria’s Interpol receives cybercrime requests from international partners, it is important to fortify its abilities through tailor-made training sessions. By the time Nigeria is already involved in virtual asset exchanges, Onyekelu has explained that the training will equip the officers to deal with cybercrimes settled through stablecoins in virtual assets.

Bridging the cybercrime gap

Owonibi, the senior partner at A&D Forensics, told the press that the training was necessary because of the increasing trends in cybercrime in the country. He stated:

A major divide exists between the changing cybercrimes and the ability of Nigerian law enforcement agencies to keep up. As responsible corporate citizens, we have realized the need to close this gap and assist our law enforcement agencies in being equipped to deal effectively with cybercrimes.

Owonibi said that the controversies surrounding the introduction of the cybersecurity levy are not true; the government has the right to make laws regarding national security, so it decided to make the cybersecurity levy law.

On Monday, the CBN, the Central Bank of Nigeria, or the Bank of Nigeria, as some call it, required banks and other payment service providers to start withholding 0. 5% of the total value of electronic transactions and remit to the National Cybersecurity Fund and the ONSA will be managing of the fund.

Nigeria’s Securities and Exchange Commission (SEC) is on the path to banning the peer-to-peer exchanges that use the naira on cryptocurrency, thus sending a strong message of the necessary regulatory change.

The International Monetary Fund (IMF) recently advised that Nigeria should allow the entry of global cryptocurrency exchanges through licensing as part of its economic reformation policies.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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