The Director-General of the Nigerian Securities and Exchange Commission (SEC), Emotimi Agama, warned that some virtual asset service provider (VASP) license applicants do not meet the regulator’s requirements and will have their applications rejected. However, Agama, speaking at a meeting with applicants, said the commission will continue providing clarity on complex issues to assist in the registration process.

Agama’s warning comes several months after the SEC issued its first licenses under the Accelerated Regulatory Incubation Program (ARIP). As reported by Bitcoin.com News in August 2024, Nigerian digital asset companies Busha Digital and Quidax Technologies were the first crypto entities to receive the green light to operate in the West African nation.

According to Agama, the process to register VASPs is not just about onboarding but also includes monitoring, education, and surveillance. However, the director general said his organization is open to feedback from stakeholders and may amend rules if valid reasons for this are put forward.

“In the coming year, we will move faster in delivery and announcements, having learnt from this process. A new law has been passed and it is in the process of obtaining Presidential assent,” Agama said.

Although Nigeria has one of the largest crypto markets globally, the country does not have laws or regulations specifically focused on cryptocurrencies. In fact, prior to Agama’s appointment, the Central Bank of Nigeria (CBN), then led by Godwin Emefiele, largely spearheaded Nigeria’s crypto policy.

However, after the government of Bola Ahmed Tinubu brought changes to the leadership of both the SEC and CBN, the former agency appears to have taken the lead on crypto regulation. According to Agama, the Commission’s goal now is to ensure Nigeria stands out not just as one of the largest crypto markets but also as one that is well regulated.

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