The Nigerian Securities and Exchange Commission (SEC) has revamped its regulations on digital assets, signaling a progressive shift in its approach to cryptocurrency governance. By updating rules related to the issuance, exchange, and custody of digital assets, the SEC aims to foster a more robust and adaptable regulatory landscape. This includes the launch of the Accelerated Regulatory Incubation Programme (ARIP), designed to help Virtual Assets Service Providers (VASPs) meet new compliance standards efficiently.

Amidst growing global interest, Nigeria’s proactive stance enhances its position in the digital currency market. The SEC’s amendments follow significant crypto adoption in the country, marked by Nigeria ranking highly in global crypto engagement metrics. Such measures underline the SEC’s commitment to not just policing but also promoting the crypto sector.

With a new directive, the SEC establishes a special onboarding window via its ePortal, urging VASPs to register within 30 days to avoid strict penalties. This move underscores the importance of regulatory compliance while supporting the growth and innovation within Nigeria’s burgeoning crypto economy.

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