The Nigerian Securities and Exchange Commission (NSEC) has announced the revision of digital asset rules, expanded its regulatory scope, and introduced the Accelerated Regulatory Incubation Program (ARIP) to speed up the onboarding process for virtual asset service providers (VASPs), according to WuShuo.

NSEC has directed all existing and potential VASPs to complete the application process within 30 days or face enforcement action. Non-compliant VASPs will be fined a minimum of $3,370 (approximately N5 million) and an additional fine of approximately $134 per day of delay.

Commercial VASPs and financial service providers that operate without authorization will also face fines of at least $13,500 and $6,750, respectively.