According to Foresight News, the Nigerian Securities Exchange Commission (NSEC) is revising its regulations for Virtual Asset Service Providers (VASP) to 'expand the scope of regulation in line with current realities'. As part of this initiative, the NSEC has introduced an Accelerated Regulatory Incubation Program (ARIP) for the onboarding of VASPs.
In addition, the NSEC has directed all operating and potential VASPs to access its electronic portal and complete the application process within 30 days. Non-compliance with this directive will result in enforcement action by the regulatory body. This move by the NSEC is seen as a step towards ensuring better regulation and control over virtual asset service providers in the country.