The Nigerian Securities and Exchange Commission (SEC) now mandates Virtual Asset Service Providers (VASPs) to establish local offices in Nigeria 🏢. VASPs have 30 days to update their applications via the SEC's ePortal to comply with new rules on digital asset issuance and custody. Non-compliance will result in regulatory actions ⚠️

The updated regulations also increase the registration fee for VASPs from 30 million to 150 million naira 💰 to ensure only financially stable entities operate within the sector

#CryptoRegulation #NigeriaCrypto