Nigerian regulators are revising the rules for managing virtual asset service providers

ChainCatcher news, according to Bitcoin.com, the Nigerian Securities and Exchange Commission (NSEC) is revising the rules governing virtual asset service providers (VASP) to "expand the regulatory scope based on current realities."

As part of this effort, the Nigerian Securities and Exchange Commission has introduced an Accelerated Regulatory Incubation Program (ARIP) for the onboarding of virtual asset service providers. Additionally, the NSEC has instructed all operating and potential VASPs to access its electronic portal and complete the application process within 30 days. Non-compliance with this directive will result in enforcement actions by the regulatory agency.