The Nigerian Securities and Exchange Commission (SEC) has set a 30-day deadline for Virtual Asset Service Providers (VASPs) to update their applications in accordance with newly amended rules regarding Digital Asset Issuance, Offering Platforms, Exchange, and Custody.
This update, conveyed through an official public notice, seeks to strengthen the regulatory framework and ensure better compliance within the digital asset sector. The updated application process is accessible via the SEC ePortal, reflecting the importance of timely submission to adhere to the new regulations.
Regulatory Update and Application Requirements
In March, Nigeria introduced new rules through the Securities and Exchange Commission (SEC) to license, register, and inspect VASPs, reflecting the country’s tightening grip on the digital asset market. This regulatory shift came at a time of increased scrutiny on cryptocurrency exchanges, highlighted by Binance’s recent decision to stop offering Nigerian Naira (NGN
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