Summary:

The Securities and Exchange Commission (SEC) is revising important rules on digital assets to create a more adaptable regulatory framework. They have introduced the Accelerated Regulatory Incubation Programme (ARIP) to assist Virtual Assets Service Providers (VASPs) in complying with the new regulations.

Introduction:

The SEC in Nigeria has updated its policies on digital assets, aiming to enhance the regulatory framework for digital asset markets. The announcement of the rule revision and the establishment of the ARIP program are significant steps in this regulatory reform process.

Main Points:

The SEC has set a specific timeframe for VASPs to complete the onboarding procedure to participate in the ARIP. Failure to comply with the circular’s instructions may result in regulatory action. The appointment of Emomotimi Agama as the new Director-General led to amendments in the Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody in May 2022.

Conclusion:

The Nigerian SEC’s regulatory changes prioritize oversight of the virtual assets sector through effective regulations rather than crackdowns. The increase in registration fees for cryptocurrency exchanges indicates a shift towards more stringent compliance measures. In related news, Standard Chartered Bank is set to launch a trading desk for spot cryptocurrency, reflecting the growing interest in digital assets among traditional financial institutions.