Nigeria’s Securities and Exchange Commission requires cryptocurrency firms to set up offices in the country

The Nigerian Securities and Exchange Commission (SEC) required that virtual asset service providers (VASPs) in the country must establish a presence in Nigeria in order to qualify for its regulatory framework program. SEC stated that these institutional entities must be registered and have a presence in Nigeria in order to participate in the Acceleration of Regulatory and Innovation Program (ARIP), and the CEO or Managing Director must reside in Nigeria. Applicants must be engaged in investment and securities business and be seeking registration or submitting applications related to virtual assets to the US Securities and Exchange Commission.