Nigeria is updating its crypto regulations! 🚀 The Nigerian Securities and Exchange Commission (SEC) has announced plans to update digital asset regulations. This aims to strengthen the regulatory framework to adapt to the complexity of digital asset markets. The SEC introduced the Accelerated Regulatory Incubation Program (ARIP), a special compliance program for virtual asset service providers (VASP). This program offers VASPs a structured path to comply with the country's new regulatory standards. The SEC has stated that it will take enforcement action against any VASP that does not comply with its guidelines. This regulatory update is part of Nigeria's overall initiatives to increase oversight of the rapidly growing cryptocurrency market.