Nigeria's Securities and Exchange Commission (SEC) has introduced a new regulation for Virtual Assets Service Providers (VASPs). To qualify for the Accelerated Regulatory Incubation Programme (ARIP), VASPs must establish an office in Nigeria, and the CEO or Managing Director must reside locally. The ARIP is designed to fast-track the onboarding process for entities seeking SEC registration. Noncompliance with ARIP requirements could result in penalties starting at 5 million naira ($3,194) and increasing daily. Unregistered commercial VASPs face penalties of at least 20 million naira ($12,776).