Techub News reported that according to Cointelegraph, the Nigerian Securities and Exchange Commission (SEC) has put forward new requirements for virtual asset service providers (VASPs), requiring them to set up offices in Nigeria to be eligible for the accelerated regulatory incubation program. In addition, the CEO or managing director must reside in Nigeria. Applicants must be engaged in investment and securities business and are seeking registration or submitting virtual asset-related applications to the SEC. The requirement also stipulates that applicants must report customer complaints and emergency risks and accept inspections, audits and monitoring by the SEC.