The requirement also states that applicants must report customer complaints and emergent risks and be subject to SEC inspections, audits and monitoring.
Nigeria’s Securities and Exchange Commission (SEC) has introduced a new requirement for virtual asset service providers (VASPs) mandating that they establish an office in Nigeria to be eligible for its framework program.
In a post on its website, the SEC stated that entities must be incorporated and have an office in Nigeria to qualify for the Accelerated Regulatory Incubation Programme (ARIP), which is designed to onboard VASPs in the country.
Additionally, the CEO or managing director must reside in Nigeria. Applicants must be engaged in investment and securities business and either seek registration or have pending applications related to virtual assets with the SEC.
