The Nigerian Securities and Exchange Commission (SEC) has introduced new requirements for virtual asset service providers (VASPs). They are now required to have an office in Nigeria to qualify for the Accelerated Regulatory Incubation Program (ARIP). 🏢

- The CEO must reside in Nigeria.

- Candidates must be involved in investments and securities.

- All existing and potential VASPs, including crypto brokers and dealers, must submit applications through the SEC ePortal within 30 days.

Failure to comply with ARIP requirements can result in fines ranging from 5 million naira ($3,194) and increasing by 200,000 ($127.76) per day for continued default. Unregistered commercial VASPs will face fines ranging from 20 million naira ($12,776).