As part of its new onboarding framework, the Nigeria Securities and Exchange Commission (SEC) has made the establishment of an office in Nigeria mandatory as part of the eligibility requirements for the onboarding of Virtual Assets Service Providers [“VASPs”] tagged Accelerated Regulatory Incubation Programme [“ARIP”].
This was contained in a recently released circular, dated June 21, 2024, tagged “Framework On Accelerated Regulatory Incubation Program (ARIP) For The Onboarding Of Virtual Assets Service Providers (VASPs)”.
In the circular, SEC directed all operating and prospective VASPs (including crypto brokers/dealers) to visit the SEC ePortal to complete the application process no later than 30 days from the date of the Circular.
