Nigerian SEC mandates local offices for cryptocurrency firms
TLDR
- Nigeria’s SEC mandates virtual asset service providers (VASPs) to establish a local office for eligibility in Accelerated Regulatory Incubation Programme.
- Requirement includes entity's incorporation and maintenance of an office in Nigeria, CEO/director residency, and involvement in investment and securities business.
- SEC's commitment to regulation and integration of virtual asset services in Nigeria's financial ecosystem emphasized through new mandatory requirement.
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 states that entities must be incorporated and maintain an office in Nigeria to qualify for the Accelerated Regulatory Incubation Programme (ARIP), which aims to onboard VASPs in the country.
Furthermore, the CEO or managing director of the VASP must reside in Nigeria. Applicants must be engaged in the investment and securities business and either seek registration or have pending applications related to virtual assets with the SEC. This new requirement underscores the SEC’s commitment to regulating and integrating virtual asset services within Nigeria’s financial ecosystem.
Points clés à retenir
The Nigerian government has been engaged in a contentious struggle with Binance and the broader cryptocurrency community. Recently, two senior executives at Binance were detained in Nigeria as part of the country's crackdown on cryptocurrency exchanges. In a June 21 circular, the SEC directed all existing and prospective virtual asset service providers (VASPs), including crypto brokers and dealers, to complete their applications via the SEC ePortal within 30 days. While the rules concerning digital asset issuance, offering platforms, exchange, and custody are being amended, VASPs are required to operate under the Accelerated Regulatory Incubation Programme (ARIP) for the time being. This move signifies the government's intent to regulate and control cryptocurrency activities more stringently within Nigeria.
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