The Nigerian Securities and Exchange Commission (SEC) has made changes to its regulations regarding Digital Asset Issuance, Offering Platforms, Exchange, and Custody.
In an official announcement, the SEC detailed its intentions to revise these important rules. The aim of the amendment is to improve the regulatory landscape, ensuring it is more thorough and adaptable to the intricacies of digital asset markets.
As part of this regulatory update, the SEC introduced a specialized compliance initiative known as the Accelerated Regulatory Incubation Programme (ARIP). This initiative is specifically tailored for Virtual Assets Service Providers (VASPs) and offers a pathway for these entities to comply with the new regulations.
A circular released by the SEC revealed that a special window has been opened for the onboarding process, enabling VASPs to participate in the ARIP. VASPs are required to complete the application process through the SEC ePortal within 30 days of the circular’s issuance to ensure compliance.
Additionally, the SEC issued a strong warning that non-compliant VASPs will face regulatory actions for failing to adhere to the guidelines outlined in the circular.
The amendment to the initial Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody, which were introduced in May 2022, coincided with the appointment of a new Director-General, Emomotimi Agama, at the SEC.
There has been a growing call for the Nigerian government and regulators to regulate the virtual assets industry responsibly rather than resorting to crackdowns and shutdowns in order to revitalize the Nigerian market.
In March, Nigeria’s SEC proposed an amendment to the rules governing platforms offering crypto services, suggesting an increase in the registration fee for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000).
Nigeria has emerged as one of the fastest-growing crypto economies in recent years and was ranked as the second-biggest economy in terms of crypto adoption in 2023. In August 2022, Nigeria was identified as the most crypto-obsessed country based on the number of Google searches for “cryptocurrency” or “buy crypto.”
Article:
The Nigerian Securities and Exchange Commission (SEC) has updated its rules on Digital Asset Issuance, Offering Platforms, Exchange, and Custody. In an official notice to the public, the SEC outlined its plans to enhance these regulations. The amendment process is aimed at improving the regulatory environment to better suit the complexities of digital asset markets.
As part of this regulatory overhaul, the SEC introduced a special compliance program called the Accelerated Regulatory Incubation Programme (ARIP) for Virtual Assets Service Providers (VASPs). This program offers a path for VASPs to align with the new regulatory requirements.
According to the circular on the SEC’s website, a special window has been set up for the onboarding process, allowing VASPs to participate in the ARIP. VASPs are required to complete the onboarding process through the SEC ePortal within 30 days of the circular date.
The SEC also issued a warning that non-compliant VASPs will face regulatory actions for failing to comply with the directives outlined in the circular.
The amendment of the initial Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody, issued in May 2022, follows the appointment of a new Director-General, Emomotimi Agama, at the SEC. There is a growing need for the Nigerian government and regulators to regulate the virtual assets industry responsibly rather than resorting to clampdowns, crackdowns, and shutdowns to reinvigorate the Nigerian market.
In March, Nigeria’s SEC proposed an amendment to the rules governing platforms offering crypto services, suggesting an increase in the registration fee for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000).
Nigeria has emerged as one of the fastest-growing crypto economies in recent years and was ranked as the second-biggest economy in terms of crypto adoption in 2023. In August 2022, Nigeria was identified as the most crypto-obsessed country based on the number of Google searches for “cryptocurrency” or “buy crypto.”
Nigerias Securities and Exchange Commission Introduces Fresh Regulations and Compliance Framework for Digital Assets