The Nigerian Securities and Exchange Commission (NSEC) recently amended rules governing Virtual Asset Service Providers (VASPs) to broaden regulatory oversight.
The introduction of the Accelerated Regulatory Incubation Programme (ARIP) mandates VASPs to complete onboarding within 30 days or face enforcement actions, including fines.
The ARIP aims to expedite approvals and enhance regulatory frameworks, focusing on market integrity, investor protection, and anti-money laundering measures.
Non-compliant VASPs may incur penalties starting at $3,370 (NGN 5,000,000) initially, with additional daily fines for prolonged non-compliance, signaling stricter enforcement in Nigeria's digital asset sector.