đ„đ„đ„ NIGERIA REVISES REGULATIONS FOR VIRTUAL ASSET SERVICE PROVIDERSâŒïž
âĄïž According to Foresight News, the Nigerian Securities Exchange Commission (NSEC) is revising its regulations for Virtual Asset Service Providers (VASPs) to expand their regulations. These changes aim to create a framework that fits the current realities in the industry.
âĄïž As part of the revision process, NSEC launched the Accelerated Regulatory Incubation Program (ARIP) to encourage the participation of VASPs. NSEC has mandated all active and potential VASPs to complete their application process within 30 days by providing access to the electronic portal. It was stated that sanctions will be applied if this directive is not complied with.
âĄïž This step by NSEC aims to provide more effective regulation and control over virtual asset service providers in Nigeria.
đ„This initiative of the Nigerian Securities Exchange Commission is considered an important step towards the regulation and supervision of the digital asset marketâïž
