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The Securities and Exchange Commission (SEC) has announced plans to begin monitoring cryptocurrency transactions as part of its new regulatory framework. This initiative is detailed in the official document titled: “Framework on Accelerated Regulatory Incubation Program for the Onboarding of Virtual Assets Service Providers (VASPs) and other Digital Investments Service Providers (DISPs).”
This new framework aims to enhance regulatory oversight and ensure adherence to global best practices, especially given Nigeria’s prominence as one of the world’s largest peer-to-peer (P2P) bitcoin marketplaces. The SEC will track weekly and monthly trade statistics of VASPs, including cryptocurrency automated teller machines (ATMs), exchanges, P2P platforms, custodians, and more.
The framework intends to expand regulations on digital asset issuance, offering platforms, exchanges, and custodians, aiming to better organize the nation’s cryptocurrency ecosystem.
As part of this initiative, the SEC will introduce a dedicated window for onboarding VASPs, called the “Accelerated Regulatory Incubation Programme (ARIP).” This program will facilitate the regulatory integration of VASPs, ensuring they operate within a structured and compliant environment.
The SEC’s move reflects a commitment to fostering a secure and well-regulated digital asset market, aligning Nigeria with international standards in the fast-evolving cryptocurrency space.
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