Nigerian authorities have obliged local crypto companies to open offices in the country
The Securities and Exchange Commission (SEC) of Nigeria has introduced a mandatory requirement for all cryptocurrency companies providing services in the country to have local offices.
The Nigerian SEC announced the launch of the Accelerated Regulatory Incubation Program (ARIP) and introduced a new requirement for all virtual asset service providers (VASPs) to open a local office to obtain rights to provide services in the country. In addition, the regulator's circular directed all existing and potential VASPs to ensure that nationals permanently residing in Nigeria are appointed to management positions.
The SEC clarified that applicants for the positions of directors of crypto companies are recommended to have specialized qualifications related to the investment business or the securities market, as well as to obtain accreditation from the regulator. Accreditation requirements include an affidavit of no criminal convictions for fraud, an operating plan, a business model with a clear value proposition, and investor protection provisions.
