The Nigerian Securities and Exchange Commission (SEC) requires Virtual Asset Service Providers (VASPs) to have an office in Nigeria to participate in its program. 🏢

- The CEO or Managing Director must reside in Nigeria.

- Current and potential VASPs, including cryptocurrency brokers and traders, must complete the application within 30 days.

- Fines for non-compliant VASPs range from 5 million naira ($3,194) and increase to 200,000 ($127.76) per day for continued violations.

- Unregistered commercial VASPs face fines of at least 20 million naira ($12,776), while other digital investment platforms such as cryptocurrency brokers and advisors face fines of at least 10 million naira ($6,388).

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