• The SEC announced its intention to revise these important rules in a public notice.

  • A specific timeframe for the onboarding procedure has been established by the SEC.

Regulators in Nigeria have updated their policies on the issuance, offering, exchange, and custody of digital assets. The SEC announced its intention to revise these important rules in a public notice. A more thorough and adaptable regulatory framework, more suited to the intricacies of digital asset markets, is the goal of the amendment process.

The SEC established a unique compliance program. It is known as the Accelerated Regulatory Incubation Programme (ARIP), which is a component of this regulatory reform. Also, Virtual Assets Service Providers (VASPs) may find a way to conform to the new rules and regulations with the help of this program.

Regulatory Action Over Non-compliance

Moreover, a specific timeframe for the onboarding procedure has been established by the SEC. In order to enable VASPs to participate in the ARIP, according to the notice on the SEC’s website.

Furthermore, through the SEC ePortal, one may access the onboarding procedure. It is imperative that VASPs finish the application procedure within 30 days after the circular date. Even if its purpose is to enhance compliance. In addition, the SEC has warned VASPs that it would take regulatory action. Against those who do not comply with the circular’s instructions.

Following the appointment of Emomotimi Agama as the new Director-General at the SEC, the original Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody were amended in May 2022.

In the meantime, repositioning the Nigerian market requires authorities and the government to appropriately oversee the virtual assets sector, not via crackdowns, shutdowns, or clampdowns. A proposed regulation change by the Nigerian Securities and Exchange Commission (SEC) in March increased the registration fee for cryptocurrency exchanges from 30 million naira ($18,620) to 150 million naira ($93,000).

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