The Securities and Exchange Commission (SEC) of Nigeria has implemented a new condition that virtual asset service providers (VASPs) must meet before being eligible for the framework program.
The new requirement states that VASPs must establish an office in Nigeria and have their CEO or managing director reside in the country.
This is part of the Accelerated Regulatory Incubation Programme (ARIP), which is designed to onboard VASPs in Nigeria.
The SEC also requires that applicants be engaged in investment and securities business and be in the process of registering or have pending applications related to virtual assets.
All existing and potential VASPs, such as crypto brokers and dealers, must complete their applications through the SEC ePortal within 30 days, as stated in a circular issued on June 21.
