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…
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