The Nigerian Securities and Exchange Commission (SEC) has announced a new initiative to expedite the registration process for Virtual Assets Service Providers (VASP) within the country. This program, unveiled on June 21, is set to amend existing rules to better accommodate the complexities of the crypto industry in Nigeria according news sources.
The new initiative, termed the Accelerated Regulatory Incubation Program (ARIP), offers a streamlined registration process designed to ensure quicker compliance. According to the SEC, this program is a response to recent amendments to the Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody, which saw the registration fees for VASPs soar from 30 million naira ($20,161) to 150 million naira ($100,806). This fee hike had previously sparked significant criticism due to concerns over its potential to stifle business participation.
ARIP is a 30-day program providing a window for both current and prospective VASPs to rapidly meet all regulatory requirements. This initiative is part of the SEC’s broader efforts to enhance the regulatory framework governing Nigeria’s burgeoning crypto sector.
The SEC has mandated that all operational and aspiring VASPs access the SEC ePortal to initiate the Accelerated Regulatory Incubation Program. The regulatory body has also warned that non-compliant VASPs will face prosecution.
The launch of ARIP underscores the SEC’s commitment to fostering a more robust and adaptable regulatory environment for digital assets in Nigeria, aligning with global standards while addressing local industry needs.
