The Nigerian Securities and Exchange Commission (SEC) has announced amendments to its rules governing digital asset issuance, offering platforms, exchange, and custody. This regulatory update introduces the Accelerated Regulatory Incubation Programme (ARIP), specifically designed for Virtual Assets Service Providers (VASPs) to comply with new standards. VASPs must complete the application process within 30 days of the circular date via the SEC ePortal. The SEC warns of stringent enforcement actions against non-compliant entities. This move follows the appointment of new SEC Director-General, Emomotimi Agama, and aims to better regulate the rapidly growing crypto market in Nigeria.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.