Nigeria's Securities and Exchange Commission (SEC) has introduced strict regulations for Virtual Asset Service Providers (VASPs) in Nigeria. The new guidelines require VASPs to have a local office and leadership in Nigeria. This initiative aims to enhance regulatory oversight and support local market development. Applicants must meet pre-qualification requirements, including having an office in Nigeria, offering innovative financial services, and addressing specific consumer needs. Operational requirements mandate firms to demonstrate expertise in financial services and technology, comply with anti-money laundering regulations, and provide regular updates to the SEC. VASPs under regulatory incubation face restrictions on client onboarding and financial promotions. The incubation period is limited to one year, after which firms must apply for full registration or cease operations. The SEC can terminate participation if eligibility criteria are not met. The move indicates potential for crypto growth in Nigeria amidst increasing scrutiny of digital assets. CryptoSlate's market report explores the impact of Long-Term Holders (LTHs) and Short-Term Holders (STHs) on the Bitcoin ecosystem. Read more AI-generated news on: https://app.chaingpt.org/news