According to TechFlow, the Nigerian Securities and Exchange Commission (SEC) requires crypto entities to be registered and have offices locally to be eligible to participate in the Accelerated Regulatory Incubation Program (ARIP). The program aims to introduce virtual asset service providers (VASPs). In addition, the CEO or managing director must reside in Nigeria. Applicants must be engaged in investment and securities business and are seeking registration or submitting applications related to virtual assets.