The Securities and Exchange Commission (SEC) in Nigeria has unveiled a new initiative aimed at expediting the registration process for virtual asset service providers (VASPs). The regulatory body announced the program, called the Accelerated Regulatory Incubation Program (ARIP), on June 21. The objective of the initiative is to adapt the current regulatory framework to the complexities of the cryptocurrency sector. In a recent document, the SEC stated that the rules for VASP registration are being amended to expand the scope of regulation. All operational and potential VASPs in Nigeria have been instructed to complete the registration process within 30 days of the document’s release. Failure to comply will result in enforcement action by the Commission. This development comes after the SEC proposed a 400% increase in registration fees for cryptocurrency companies in March. It is important to note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
