On July 4, the Nigerian Securities and Exchange Commission (SEC) required the country's virtual asset service providers (VASPs) to set up offices in Nigeria to be eligible to participate in its framework program. The SEC said that these institutional entities must be incorporated and have offices in Nigeria to be eligible to participate in the Accelerated Regulatory Incubation Program (ARIP), and 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 U.S. Securities and Exchange Commission.