The Securities and Exchange Commission, Nigeria (SEC), has introduced the Accelerated Regulatory Incubation Program (ARIP) to fast-track the registration of Virtual Asset Service Providers (VASPs) in the country.
The program aims to provide interim approval for crypto firms as the SEC amends its existing guidelines on digital assets. SEC is also looking to fast-track the onboarding process for these companies by granting them interim approval through ARIP, pending the enforcement of its digital asset rules.
The SEC stated that the program is a special window to onboard VASPs, provide guidance on regulatory demands, and better understand the cryptocurrency space. However, registration does not automatically transfer to a full license.
Under the program, VASPs have a 30-day ultimatum to register with the SEC, with a ₦ 2,000,000 (about $1,298) registration fee. The SEC has warned of enforcement action and a N20 million (about $12,984) fine against any unregistered crypto company.
