In a recent development in the cryptocurrency sector in Nigeria, the regulator in the country, the Securities and Exchange Commission (SEC), has announced the launch of a new measure that is intended to speed up the registration process of virtual asset service providers ( VASP). Nigeria’s SEC announced the initiative on June 21.

As highlighted by the regulators, the new program will adjust the current regulatory framework in the country to adapt to the complexities of the sector. The initiative will serve as an amendment to existing rules in Nigeria.

In the recent document presented by the SEC, the regulator highlighted a specific change to the VASP registration rules, which will introduce the Accelerated Regulatory Incubation Program (ARIP).

“The Securities and Exchange Commission notifies the general public that the Rules on Digital Asset Issuance, Offering, Exchange and Custody Platforms are undergoing an amendment process. The objective of the change is to expand the scope of regulation in accordance with current realities. The Commission provides a special window for the integration of Virtual Asset Service Providers [“VASPs”] marked as Accelerated Regulatory Incubation Program [“ARIP”],” the SEC wrote.

With the release of the memorandum, all operational and potential VASPs in Nigeria have been directed by the SEC to complete the registration process within a maximum period of 30 days from the date of the document. “The Commission will subsequently initiate coercive action against any operational VASP that does not comply with the guidelines of this Circular”, he highlighted.

It is worth remembering that, in March, in light of the crackdown on the cryptocurrency sector in Nigeria, the country’s securities watchdog presented a proposal to increase fees for registering cryptocurrency companies by 400%, as highlighted in a notice. The proposal made by the regulator, the Securities and Exchange Commission (SEC) of Nigeria, included changes related to rules for cryptocurrency issuers, exchanges and custody platforms with increases in supervisory fees.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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