Foresight News reports that the Nigerian Securities and Exchange Commission has increased requirements for virtual asset service providers (VASP) and social media influencers regarding crypto-related marketing promotions. In the revised digital asset regulations, the regulator stated that VASPs promoting their crypto products in collaboration with third-party service providers must 'obtain the commission's approval in advance.' The rule is set to take effect on June 30, 2025.
The rule stipulates that cryptocurrency influencers must obtain a 'no objection authorization' from the Nigerian Securities and Exchange Commission before publishing digital asset advertisements. Non-compliance may result in penalties, such as a minimum fine of 10 million Nigerian Naira (approximately $6,400) or a maximum of three years in prison.