The Nigerian Securities and Exchange Commission (SEC) has updated its rules on Digital Asset Issuance, Offering Platforms, Exchange, and Custody, aiming to enhance regulatory measures in the digital asset market.
As part of this update, the SEC introduced the Accelerated Regulatory Incubation Programme (ARIP) for virtual assets service providers (VASPs), providing a structured path to comply with new regulations. VASPs must complete the onboarding process via the SEC’s ePortal within 30 days from the circular date.
The SEC emphasized strict enforcement against non-compliant VASPs, reinforcing the need for adherence to the new rules. This amendment follows the appointment of new Director-General Emomotimi Agama and reflects the government’s intent to responsibly regulate the virtual assets industry.
In addition, the SEC proposed increasing the registration fee for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000), underscoring the rapid growth and significant adoption of cryptocurrencies in Nigeria.
