The Nigerian Securities and Exchange Commission (SEC) has launched a new initiative targeted at hastening the registration process of virtual asset service providers (VASP). According to the securities market regulators in the West African nation, this new program which serves as an amendment to existing rules aims to adjust the current regulatory framework to fit the present complexities of the crypto ecosystem.
Nigerian SEC Fixes 30-Day Deadline For VASP Registration
Back in March, the Nigerian SEC announced several changes to its Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody. Notably, the commission then hiked the registration fees of VASPs from 30 million naira ($20,161) to 150 million ($100,806) which attracted much speculation because of the potential to reduce business participation but also promoted financial stability among VASPs.
In a new memo released on June 21, the securities regulators have now unveiled a specific amendment to
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