The Nigerian Securities and Exchange Commission has recently updated its cryptocurrency regulations, setting new requirements for virtual asset service providers (VASP) and social media influencers' marketing promotions📜.

According to the new regulations, any VASP collaborating with third parties to promote cryptocurrency products must obtain prior approval from the commission. This means that cryptocurrency companies need to be more cautious in their marketing activities to ensure compliance.

Additionally, VASPs must ensure that their third-party partners adhere to the SEC's marketing rules. This provision applies to all VASPs providing services to residents of Nigeria and is set to take effect on June 30, 2025📅.

This change may impact the way cryptocurrency marketing is conducted, but it also brings a clearer compliance framework to the industry⚖️.