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NEWS UPDATE: ICPC seeks NASS regulation of cryptocurrency trading in Nigeria

NEWS UPDATE: ICPC seeks NASS regulation of cryptocurrency trading in Nigeria

The Independent Corrupt Practices and other related offences Commission, ICPC, has urged the National Assembly to come up upward with legislations that would regulate cryptocurrency trading in Nigeria.

It added that the operators have used the medium to perpetuate heinous crimes such as money laundry and payment of ransom for kidnapping.

Chairman, ICPC, Prof. Bolaji Owasanoye (SAN) made the telephone at the opening ceremony of a two-day capacity building retreat with National Assembly and ICPC Board/Commission Directors with the theme, “Corruption, IFFS and financing for national evolution,” held on Tuesday in Uyo, Akwa Ibom Province working capital.

Owasanoye famous that gaps in the law and absence of regulatory framework have emboldened the perpetrators of these crimes to swindle unsuspecting members of the public as good as to engage in illicit financial flow.

He said, “There is a demand for regulatory intervention in cryptocurrency trading. Some people have used digital currency and assets to commit huge corruption, money laundry and terrorism financing.

“Corruption in digital assets is not easily traceable; for instance, whether somebody steals billions of Naira and converts it speedily into cryptocurrency, it’s nearly impossible to describe it. This is not the variety of account you can easily freeze. Before you freeze an account you have to know the account proper noun, the BVN etc. But in crypto currency, you have only the wallet and the identity of the individual is not known to whatsoever one, those who helped to convert the currency do not have registered organisation, these are the things that facilitate money laundering and terrorism.

“They also utilization it to finance kidnapping, imagine whether a kidnapper takes a ransom and converts it into digital currency, it’s hard to describe. Cryptocurrencies have go an alternative payment platform for kidnappers and this would be impossible for law enforcement agencies to describe.

“Many people have lost money through cryptocurrency trading different in a bank depository scheme where your money is insured incase of whatsoever eventuality. But whether you lose money in crypto currency what insurance do you have? who would you take hold responsible? Who is guaranteeing digital currency, you don’t fifty-fifty know the people who created them, they are anonymous.”

The Chairman who also famous some positive aspects of cryptocurrency emphasized on the demand for it’s regulations.

Owasanoye said the retreat was organized by the commission to enable it to interface with the lawmakers and intimate them on some of the challenges facing the commission as good as update them on its achievements.

“We hope this retreat will be impactful and give us opportunity to interact with our oversight commission who would inquire questions in relation to what we are doing and we can also verbalise to them of what we are doing and our challenges and areas they should be beaming their searchlights as lawmakers, it will be a symbiotic and positive interaction.” He added

The Chairman, nevertheless nonetheless, called for a stoppage in illicit financial flow saying that such would strengthen the economic system and minimize the rate of borrowing.

Also speaking, Chairman, House Commission on Anti-Corruption, Hon Garba Shehu, said the house has made the fighting against corruption as one of its critical components

He said the house will partner with ICPC to advance the fighting against corruption.

“We are ready to back up and assist the Commission in their onerous task of fighting graft and we are encouraging them to beam their searchlight on private individuals and companies just as they did in the public sector, ” he said.

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