The Nigerian Securities and Exchange Commission (SEC) has amended the rules on Digital Asset Issuance, Offering Platforms, Trading and Custody.
In Notification Officially, the SEC has outlined plans to update these important regulations. The revision process is designed to enhance the regulatory environment, making it more inclusive and more responsive to the complexity of digital asset markets.
Revision
As part of the regulatory revision process, the SEC introduced a special compliance program called the Accelerated Regulatory Incubation Program (ARIP). This program is specifically designed for Virtual Asset Service Providers (VASPs) and provides a roadmap for these entities to comply with the new regulations.
Announcement of revised circular | Source: SEC
According to the circular on the website, the SEC has established a special window for the integration process, which will allow VASP to participate in ARIP.
The inclusion process can be accessed through the SEC’s Web Portal. Although this registration process is intended to improve compliance, VASP is directed to complete this process within no more than 30 days from the date of publication of the circular.
The SEC also issued a stern warning that it will handle any VASP that does not comply, implementing management measures against VASPs that do not comply with the directives stated in the circular.
SEC moves
The amendment to the Digital Asset Issuances, Offering Platforms, Trading and Custody, issued in May 2022, follows the appointment of a new Chief Executive Officer, Emomotimi Agama, at the SEC.
Meanwhile, there is an urgent need for the Nigerian government and regulators to responsibly regulate the virtual asset industry rather than enforce controls, repression and shutdowns aimed at repositioning Nigerian market.
In March, the Nigerian SEC proposed to amend the guiding rules for platforms providing crypto services, proposing to increase registration fees for crypto exchanges from 30 million naira ($18,620) to 150 million. million naira ($93,000).
Nigeria has emerged as one of the fastest growing crypto economies over the past few years. In 2023, it is also the second largest economy in terms of crypto adoption. In August 2022, Nigeria was named the country with the most Google searches for “cryptocurrency” or “buying cryptocurrency” in the world.
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According to Cointelegraph
