Nigerian SEC requires VASPs to set up offices in the country to participate in ARIP

According to Foresight News, the Nigerian Securities and Exchange Commission (SEC) requires the country's virtual asset service providers (VASPs) to have an office in Nigeria to be eligible to participate in its framework program. The SEC said that these institutional entities must be incorporated and have an office in Nigeria to be eligible for the Accelerated Regulatory Incubation Program (ARIP). The CEO or managing director must reside in Nigeria. Applicants must be engaged in investment and securities business and are seeking registration or submitting applications related to virtual assets to the SEC.