Nigeria's SEC is playing hardball with Virtual Assets Service Providers (VASPs) 😎. New rules require VASPs to have a physical office in Nigeria and CEOs must be local residents. They must also be part of the Accelerated Regulatory Incubation Programme (ARIP) while the Digital Assets Rules are being amended. The ARIP is a fast-track for entities seeking SEC registration. Noncompliance could result in fines starting at 5 million naira ($3,194) and increasing daily. Unregistered VASPs face penalties of at least 20 million naira ($12,776). So, if you're a VASP, better get your Nigerian office pronto!