TechFlow news — On January 9, according to Bitcoin.com, Emotimi Agama, Director-General of Nigeria's Securities and Exchange Commission (SEC), warned that some Virtual Asset Service Provider (VASP) license applicants will be rejected for failing to meet regulatory requirements. In August 2024, the SEC first issued crypto licenses to Busha Digital and Quidax Technologies through its Accelerated Regulatory Incubation Program (ARIP).
Agama stated that the VASP registration process involves not only onboarding but also monitoring, education, and supervision. The SEC will continue accepting stakeholder feedback and may revise its rules based on reasonable recommendations. Despite Nigeria being one of the world’s largest crypto markets, the country has yet to enact dedicated cryptocurrency legislation. Following leadership reshuffles at the SEC and Central Bank under the Tinubu administration, the SEC has begun taking the lead in crypto regulation.
