While this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days from the circular date.
The Nigerian Securities and Exchange Commission (SEC) has amended its rules on Digital Asset Issuance, Offering Platforms, Exchange and Custody.
In an official notice to the public, the SEC outlined its plans to update these critical regulations. The amendment process is designed to enhance the regulatory environment, making it more comprehensive and responsive to the complexities of digital asset markets.
As part of this regulatory overhaul, the SEC introduced a special compliance program called the Accelerated Regulatory Incubation Programme (ARIP). This program is specifically designed for Virtual Assets Service Providers (VASPs) and offers a path for these entities to align with the new regulatory requirements.
