The Nigerian Securities and Exchange Commission (SEC) has announced updated rules for Digital Asset Issuance, Offering Platforms, Exchange, and Custody.
In a recent public notice, the SEC outlined its plans to enhance regulations for the digital asset market. These updates aim to create a more comprehensive and responsive regulatory environment that addresses the complexities of digital assets.
Key Updates
As part of this regulatory update, the SEC has introduced the Accelerated Regulatory Incubation Programme (ARIP). This special compliance program is designed for Virtual Asset Service Providers (VASPs), offering a structured path for these entities to align with the new regulatory requirements.
The SEC has set up a dedicated window for the onboarding process, allowing VASPs to participate in the ARIP through the SEC ePortal. VASPs are required to complete the application process within 30 days from the date of the circular to ensure compliance.
These changes reflect the SEC’s commitment to fostering a secure and efficient digital asset market in Nigeria.
Summary Review: Nigerian SEC‘s updated regulations and the introduction of the Accelerated Regulatory Incubation Programme (ARIP) mark significant steps towards enhancing the digital asset market’s regulatory framework in Nigeria. These initiatives aim to create a more secure, compliant, and responsive environment for digital asset service providers, ensuring better protection for investors and promoting the growth of the digital economy. VASPs are encouraged to complete the onboarding process within the specified timeframe to align with these new regulatory standards.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
