Crypto firms must open Nigerian offices under new SEC regulation

No More Remote! Virtual Assets companies are now mandated by SEC to have physical offices in Nigeria.

Crypto firms must open Nigerian offices under new SEC regulation

Nigeria’s Securities and Exchange Commission (SEC) has mandated all Virtual Asset Service Providers (VASPs), including cryptocurrency companies, to establish offices in Nigeria as part of the eligibility requirements under its Accelerated Regulatory Incubation Programme (ARIP). This initiative is designed to speed up the registration and onboarding process for VASPs in preparation for the upcoming Digital Assets Rules, with a strong emphasis on compliance and investor protection. Non-compliance will result in significant penalties, including fines. In a circular dated June 21, 2024, titled “Framework On Accelerated Regulatory Incubation Program (ARIP) For The Onboarding Of Virtual Assets Service Providers (VASPs),” the SEC instructed all potential and existing VASPs, including crypto brokers and dealers, to visit the SEC ePortal and complete the application process within 30 days of the circular’s date. While the rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custo…

Continue reading...

About the author

Founded Mainwave Digital Media, Temmy Samuel is a financial advisor and journalist, blending financial expertise with storytelling skills to simplify complex financial topics for readers and clients alike. Learn More About Temmy Samuel

Post a Comment

<script type="text/javascript" src="https://www.blogger.com/static/v1/widgets/984859869-widgets.js"></script>
<script type='text/javascript'>
window['__wavt'] = 'AOuZoY68wX9uBPrLWEU0uSkLK-C-Gwxgxw:1732377943923';_WidgetManager._Init('//www.blogger.com/rearrange?blogID\x3d2856164879286820178','//www.monepoint.net.ng/2024/07/sec-mandates-crypto-companies-to-have-offices-in-nigeria.html?amp\x3d1','2856164879286820178');
_WidgetManager._SetDataContext([{'name': 'blog', 'data': {'blogId': '2856164879286820178', 'title': 'Monepoint', 'url': 'https://www.monepoint.net.ng/2024/07/sec-mandates-crypto-companies-to-have-offices-in-nigeria.html?amp\x3d1', 'canonicalUrl': 'https://www.monepoint.net.ng/2024/07/sec-mandates-crypto-companies-to-have-offices-in-nigeria.html', 'homepageUrl': 'https://www.monepoint.net.ng/?amp\x3d1', 'searchUrl': 'https://www.monepoint.net.ng/search', 'canonicalHomepageUrl': 'https://www.monepoint.net.ng/', 'blogspotFaviconUrl': 'https://www.monepoint.net.ng/favicon.ico', 'bloggerUrl': 'https://www.blogger.com', 'hasCustomDomain': true, 'httpsEnabled': true, 'enabledCommentProfileImages': true, 'gPlusViewType': 'FILTERED_POSTMOD', 'adultContent': false, 'analyticsAccountNumber': 'G-8N11NB1C2W', 'analytics4': true, 'encoding': 'UTF-8', 'locale': 'en', 'localeUnderscoreDelimited': 'en', 'languageDirection': 'ltr', 'isPrivate': false, 'isMobile': false, 'isMobileRequest': false, 'mobileClass': '', 'isPrivateBlog': false, 'isDynamicViewsAvailable': true, 'feedLinks': '\x3clink rel\x3d\x22alternate\x22 type\x3d\x22application/atom+xml\x22 title\x3d\x22Monepoint - Atom\x22 href\x3d\x22https://www.monepoint.net.ng/feeds/posts/default\x22 /\x3e\n\x3clink rel\x3d\x22alternate\x22 type\x3d\x22application/rss+xml\x22 title\x3d\x22Monepoint - RSS\x22 href\x3d\x22https://www.monepoint.net.ng/feeds/posts/default?alt\x3drss\x22 /\x3e\n\x3clink rel\x3d\x22service.post\x22 type\x3d\x22application/atom+xml\x22 title\x3d\x22Monepoint - Atom\x22 href\x3d\x22https://www.blogger.com/feeds/2856164879286820178/posts/default\x22 /\x3e\n\n\x3clink rel\x3d\x22alternate\x22 type\x3d\x22application/atom+xml\x22 title\x3d\x22Monepoint - Atom\x22 href\x3d\x22https://www.monepoint.net.ng/feeds/9180856681447544551/comments/default\x22 /\x3e\n', 'meTag': '', 'adsenseClientId': 'ca-pub-4895501987069048', 'adsenseHostId': 'ca-host-pub-1556223355139109', 'adsenseHasAds': true, 'adsenseAutoAds': true, 'boqCommentIframeForm': true, 'loginRedirectParam': '', 'view': '', 'dynamicViewsCommentsSrc': '//www.blogblog.com/dynamicviews/4224c15c4e7c9321/js/comments.js', 'dynamicViewsScriptSrc': '//www.blogblog.com/dynamicviews/d78375fb222d99b3', 'plusOneApiSrc': 'https://apis.google.com/js/platform.js', 'disableGComments': true, 'interstitialAccepted': false, 'sharing': {'platforms': [{'name': 'Get link', 'key': 'link', 'shareMessage': 'Get link', 'target': ''}, {'name': 'Facebook', 'key': 'facebook', 'shareMessage': 'Share to Facebook', 'target': 'facebook'}, {'name': 'BlogThis!', 'key': 'blogThis', 'shareMessage': 'BlogThis!', 'target': 'blog'}, {'name': 'X', 'key': 'twitter', 'shareMessage': 'Share to X', 'target': 'twitter'}, {'name': 'Pinterest', 'key': 'pinterest', 'shareMessage': 'Share to Pinterest', 'target': 'pinterest'}, {'name': 'Email', 'key': 'email', 'shareMessage': 'Email', 'target': 'email'}], 'disableGooglePlus': true, 'googlePlusShareButtonWidth': 0, 'googlePlusBootstrap': '\x3cscript type\x3d\x22text/javascript\x22\x3ewindow.___gcfg \x3d {\x27lang\x27: \x27en\x27};\x3c/script\x3e'}, 'hasCustomJumpLinkMessage': false, 'jumpLinkMessage': 'Read more', 'pageType': 'item', 'postId': '9180856681447544551', 'postImageThumbnailUrl': 'https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2NV91n7E9ysY5oe5LvGFZeSH4rsWhyphenhyphenN3SW0pGVzcW5EP5QcQleoZvCey6LOdOfnf_A5lYtCqozREvqR1ncOwdXAsPMAYazI429AOnCdHBvEMlaWhuM3l1VW1jkUb9CC72uKQvcnX4x8x8JSrF-IJxVRkaxq9n4flnum3P6JvA-BOQVisjVupYQriZUnzO/s72-c-rw/Virtual-Asset-Service-Providers.webp', 'postImageUrl': 'https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2NV91n7E9ysY5oe5LvGFZeSH4rsWhyphenhyphenN3SW0pGVzcW5EP5QcQleoZvCey6LOdOfnf_A5lYtCqozREvqR1ncOwdXAsPMAYazI429AOnCdHBvEMlaWhuM3l1VW1jkUb9CC72uKQvcnX4x8x8JSrF-IJxVRkaxq9n4flnum3P6JvA-BOQVisjVupYQriZUnzO/s16000-rw/Virtual-Asset-Service-Providers.webp', 'pageName': 'Crypto firms must open Nigerian offices under new SEC regulation', 'pageTitle': 'Monepoint: Crypto firms must open Nigerian offices under new SEC regulation', 'metaDescription': 'No More Remote! Virtual Assets companies are now mandated by SEC to have physical offices in Nigeria.'}}, {'name': 'features', 'data': {}}, {'name': 'messages', 'data': {'edit': 'Edit', 'linkCopiedToClipboard': 'Link copied to clipboard!', 'ok': 'Ok', 'postLink': 'Post Link'}}, {'name': 'template', 'data': {'name': 'custom', 'localizedName': 'Custom', 'isResponsive': true, 'isAlternateRendering': false, 'isCustom': true}}, {'name': 'view', 'data': {'classic': {'name': 'classic', 'url': '?view\x3dclassic'}, 'flipcard': {'name': 'flipcard', 'url': '?view\x3dflipcard'}, 'magazine': {'name': 'magazine', 'url': '?view\x3dmagazine'}, 'mosaic': {'name': 'mosaic', 'url': '?view\x3dmosaic'}, 'sidebar': {'name': 'sidebar', 'url': '?view\x3dsidebar'}, 'snapshot': {'name': 'snapshot', 'url': '?view\x3dsnapshot'}, 'timeslide': {'name': 'timeslide', 'url': '?view\x3dtimeslide'}, 'isMobile': false, 'title': 'Crypto firms must open Nigerian offices under new SEC regulation', 'description': 'No More Remote! Virtual Assets companies are now mandated by SEC to have physical offices in Nigeria.', 'featuredImage': 'https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2NV91n7E9ysY5oe5LvGFZeSH4rsWhyphenhyphenN3SW0pGVzcW5EP5QcQleoZvCey6LOdOfnf_A5lYtCqozREvqR1ncOwdXAsPMAYazI429AOnCdHBvEMlaWhuM3l1VW1jkUb9CC72uKQvcnX4x8x8JSrF-IJxVRkaxq9n4flnum3P6JvA-BOQVisjVupYQriZUnzO/s16000-rw/Virtual-Asset-Service-Providers.webp', 'url': 'https://www.monepoint.net.ng/2024/07/sec-mandates-crypto-companies-to-have-offices-in-nigeria.html?amp\x3d1', 'type': 'item', 'isSingleItem': true, 'isMultipleItems': false, 'isError': false, 'isPage': false, 'isPost': true, 'isHomepage': false, 'isArchive': false, 'isLabelSearch': false, 'postId': 9180856681447544551}}, {'name': 'widgets', 'data': [{'title': 'Monepoint (Header)', 'type': 'Header', 'sectionId': 'sec_Header_Title', 'id': 'Header01'}, {'title': 'Try \x27Adventure\x27', 'type': 'BlogSearch', 'sectionId': 'sec_Header_Search', 'id': 'BlogSearch01'}, {'title': 'Header Icon', 'type': 'TextList', 'sectionId': 'sec_Header_Icon', 'id': 'TextList01'}, {'title': 'Additional Menu', 'type': 'PageList', 'sectionId': 'sec_Nav_Widgets_2', 'id': 'PageList02'}, {'title': 'Pinned Post', 'type': 'FeaturedPost', 'sectionId': 'sec_Top_Widgets', 'id': 'FeaturedPost01', 'postId': '4255917951637211822'}, {'title': 'Blog Posts', 'type': 'Blog', 'sectionId': 'sec_Main_Widgets', 'id': 'Blog01', 'posts': [{'id': '9180856681447544551', 'title': 'Crypto firms must open Nigerian offices under new SEC regulation', 'featuredImage': 'https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2NV91n7E9ysY5oe5LvGFZeSH4rsWhyphenhyphenN3SW0pGVzcW5EP5QcQleoZvCey6LOdOfnf_A5lYtCqozREvqR1ncOwdXAsPMAYazI429AOnCdHBvEMlaWhuM3l1VW1jkUb9CC72uKQvcnX4x8x8JSrF-IJxVRkaxq9n4flnum3P6JvA-BOQVisjVupYQriZUnzO/s16000-rw/Virtual-Asset-Service-Providers.webp', 'showInlineAds': false}], 'footerBylines': [{'regionName': 'footer1', 'items': [{'name': 'author', 'label': 'Published by'}, {'name': 'timestamp', 'label': 'On'}, {'name': 'comments', 'label': 'Comment'}, {'name': 'icons', 'label': ''}, {'name': 'share', 'label': ''}]}, {'regionName': 'footer2', 'items': [{'name': 'labels', 'label': 'in'}]}, {'regionName': 'footer3', 'items': [{'name': 'location', 'label': 'Location:'}]}], 'allBylineItems': [{'name': 'author', 'label': 'Published by'}, {'name': 'timestamp', 'label': 'On'}, {'name': 'comments', 'label': 'Comment'}, {'name': 'icons', 'label': ''}, {'name': 'share', 'label': ''}, {'name': 'labels', 'label': 'in'}, {'name': 'location', 'label': 'Location:'}]}, {'title': 'Categorized Posts', 'type': 'LinkList', 'sectionId': 'sec_Main_Widgets', 'id': 'LinkList5'}, {'title': 'Popular Posts', 'type': 'PopularPosts', 'sectionId': 'sec_Side_Widgets', 'id': 'PopularPosts00', 'posts': [{'title': 'Crypto Better SIM Detail: Everything You Need To Know', 'id': 4693448091238398646}, {'title': 'ATM.Moniepoint.COM Login Page', 'id': 6084575701790476563}, {'title': 'Disadvantage of OPay POS', 'id': 6795480777999075525}, {'title': 'Renmoney Loan, Requirements, Application, Interest and Calculator', 'id': 331435703667982918}, {'title': 'How to Check Moniepoint ATM Card Expiry Date, CVV and Numbers', 'id': 2365771405836903786}, {'title': 'How to Delete Transaction History on Moniepoint POS', 'id': 6831516697593625014}, {'title': 'Top 5 Legit Online Loan Apps in Nigeria in 2024', 'id': 2259178400242869141}, {'title': 'Loan App without Face Verification: Everything You Need To Know', 'id': 7005650847334720862}, {'title': 'Moniepoint Agent/POS Login', 'id': 7675033772020950795}, {'title': 'MTN SIM Not Working: Causes and How to Fix', 'id': 1813898956813837277}]}, {'title': 'Labels', 'type': 'Label', 'sectionId': 'sec_Side_Widgets', 'id': 'Label00'}, {'title': 'Table of contents', 'type': 'HTML', 'sectionId': 'sec_Side_Widgets', 'id': 'HTML11'}, {'title': 'Take me back', 'type': 'HTML', 'sectionId': 'sec_Error_404', 'id': 'HTML404'}, {'title': 'Organization Name [BlogTitle]', 'type': 'Image', 'sectionId': 'sec_Footer_Widgets_1', 'id': 'Image0000002'}, {'title': 'Social Media Links', 'type': 'LinkList', 'sectionId': 'sec_Footer_Widgets_1', 'id': 'LinkList1'}, {'title': 'Company', 'type': 'LinkList', 'sectionId': 'sec_Footer_Widgets_2', 'id': 'LinkList2'}, {'title': 'Product \x26amp; Service', 'type': 'LinkList', 'sectionId': 'sec_Footer_Widgets_3', 'id': 'LinkList3'}, {'title': 'Support', 'type': 'LinkList', 'sectionId': 'sec_Footer_Widgets_4', 'id': 'LinkList4'}, {'title': 'Credit', 'type': 'HTML', 'sectionId': 'sec_Footer_Credit', 'id': 'HTML88'}, {'title': 'Mobile Menu', 'type': 'TextList', 'sectionId': 'sec_Mobile_Menu', 'id': 'TextList99'}, {'title': 'Anchor Ad [Mobile]', 'type': 'LinkList', 'sectionId': 'sec_Anchor_Ad', 'id': 'LinkList97'}, {'title': 'Labels', 'type': 'Label', 'sectionId': 'sec_Theme_Hidden', 'id': 'Label0000001'}, {'title': 'Contact Form', 'type': 'ContactForm', 'sectionId': 'sec_Theme_Hidden', 'id': 'ContactForm0000001'}, {'title': 'Firebase Configurations', 'type': 'LinkList', 'sectionId': 'sec_Addon_Widgets', 'id': 'LinkList0000002'}, {'title': 'Progressive Web App', 'type': 'LinkList', 'sectionId': 'sec_Addon_Widgets', 'id': 'LinkList11'}, {'title': 'Cookie Consent [NoTitle]', 'type': 'LinkList', 'sectionId': 'sec_Addon_Widgets', 'id': 'LinkList7'}, {'title': 'Oops!', 'type': 'HTML', 'sectionId': 'sec_Addon_Widgets', 'id': 'HTML22'}, {'title': 'AdBlock Detected!', 'type': 'HTML', 'sectionId': 'sec_Addon_Widgets', 'id': 'HTML23'}, {'title': 'Image Uploader', 'type': 'Image', 'sectionId': 'sec_Addon_Widgets', 'id': 'Image5'}]}]);
_WidgetManager._RegisterWidget('_HeaderView', new _WidgetInfo('Header01', 'sec_Header_Title', document.getElementById('Header01'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_BlogSearchView', new _WidgetInfo('BlogSearch01', 'sec_Header_Search', document.getElementById('BlogSearch01'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_TextListView', new _WidgetInfo('TextList01', 'sec_Header_Icon', document.getElementById('TextList01'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_PageListView', new _WidgetInfo('PageList02', 'sec_Nav_Widgets_2', document.getElementById('PageList02'), {'title': 'Additional Menu', 'links': [{'isCurrentPage': false, 'href': '/p/sitemap.html', 'title': 'Sitemap'}, {'isCurrentPage': false, 'href': '/p/disclaimer.html', 'title': 'Disclaimer'}, {'isCurrentPage': false, 'href': '/p/privacy.html', 'title': 'Privacy'}], 'mobile': false, 'showPlaceholder': true, 'hasCurrentPage': false}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_FeaturedPostView', new _WidgetInfo('FeaturedPost01', 'sec_Top_Widgets', document.getElementById('FeaturedPost01'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_BlogView', new _WidgetInfo('Blog01', 'sec_Main_Widgets', document.getElementById('Blog01'), {'cmtInteractionsEnabled': false}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList5', 'sec_Main_Widgets', document.getElementById('LinkList5'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_PopularPostsView', new _WidgetInfo('PopularPosts00', 'sec_Side_Widgets', document.getElementById('PopularPosts00'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LabelView', new _WidgetInfo('Label00', 'sec_Side_Widgets', document.getElementById('Label00'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_HTMLView', new _WidgetInfo('HTML11', 'sec_Side_Widgets', document.getElementById('HTML11'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_HTMLView', new _WidgetInfo('HTML404', 'sec_Error_404', document.getElementById('HTML404'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_ImageView', new _WidgetInfo('Image0000002', 'sec_Footer_Widgets_1', document.getElementById('Image0000002'), {'resize': true}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList1', 'sec_Footer_Widgets_1', document.getElementById('LinkList1'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList2', 'sec_Footer_Widgets_2', document.getElementById('LinkList2'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList3', 'sec_Footer_Widgets_3', document.getElementById('LinkList3'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList4', 'sec_Footer_Widgets_4', document.getElementById('LinkList4'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_HTMLView', new _WidgetInfo('HTML88', 'sec_Footer_Credit', document.getElementById('HTML88'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_TextListView', new _WidgetInfo('TextList99', 'sec_Mobile_Menu', document.getElementById('TextList99'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList97', 'sec_Anchor_Ad', document.getElementById('LinkList97'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LabelView', new _WidgetInfo('Label0000001', 'sec_Theme_Hidden', document.getElementById('Label0000001'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_ContactFormView', new _WidgetInfo('ContactForm0000001', 'sec_Theme_Hidden', document.getElementById('ContactForm0000001'), {'contactFormMessageSendingMsg': 'Sending...', 'contactFormMessageSentMsg': 'Your message has been sent.', 'contactFormMessageNotSentMsg': 'Message could not be sent. Please try again later.', 'contactFormInvalidEmailMsg': 'A valid email address is required.', 'contactFormEmptyMessageMsg': 'Message field cannot be empty.', 'title': 'Contact Form', 'blogId': '2856164879286820178', 'contactFormNameMsg': 'Name', 'contactFormEmailMsg': 'Email', 'contactFormMessageMsg': 'Message', 'contactFormSendMsg': 'Send', 'contactFormToken': 'AOuZoY4odNJR0wJ3syQCiMEnFMQaQKqOdg:1732377943924', 'submitUrl': 'https://www.blogger.com/contact-form.do'}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList0000002', 'sec_Addon_Widgets', document.getElementById('LinkList0000002'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList11', 'sec_Addon_Widgets', document.getElementById('LinkList11'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_LinkListView', new _WidgetInfo('LinkList7', 'sec_Addon_Widgets', document.getElementById('LinkList7'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_HTMLView', new _WidgetInfo('HTML22', 'sec_Addon_Widgets', document.getElementById('HTML22'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_HTMLView', new _WidgetInfo('HTML23', 'sec_Addon_Widgets', document.getElementById('HTML23'), {}, 'displayModeFull'));
_WidgetManager._RegisterWidget('_ImageView', new _WidgetInfo('Image5', 'sec_Addon_Widgets', document.getElementById('Image5'), {'resize': false}, 'displayModeFull'));
</script>
</body>