According to Foresight News, the Securities and Exchange Commission (SEC) of Nigeria has mandated that Virtual Asset Service Providers (VASP) in the country must establish an office within Nigeria to be eligible to participate in its framework program. The SEC stated that these institutional entities must be registered and have an office in Nigeria to qualify for the Accelerated Regulatory Incubation Program (ARIP). Furthermore, the Chief Executive Officer or General Manager must reside in Nigeria.
Applicants must be engaged in investment and securities business and are either seeking registration or are currently submitting applications related to virtual assets to the United States Securities and Exchange Commission. This move by the Nigerian SEC is seen as a step towards regulating the burgeoning virtual asset market in the country, ensuring that the operations of these service providers are within the purview of the country's regulatory framework.