July 22, 2024
nigerian-sec-updates-digital-asset-rules-arip
Latest Cryptocurrency News

Nigerian SEC Updates Digital Asset Rules with ARIP Program

The Nigerian SEC introduces Comprehensive Amendments

The Nigerian Securities and Exchange Commission (SEC) has announced significant amendments to its regulations governing digital asset issuance, offering platforms, exchange, and custody. This move, detailed in an official notice, marks a pivotal step towards fortifying the regulatory framework amid the evolving landscape of digital assets.

Focus on Compliance with the ARIP Program

Central to these updates is the introduction of the Accelerated Regulatory Incubation Programme (ARIP), a tailored compliance initiative aimed at virtual asset service providers (VASPs). This program provides a structured pathway for VASPs to align with the new regulatory standards. According to the SEC’s circular, VASPs are urged to initiate the onboarding process via the SEC ePortal within a designated 30-day window from the date of the circular. Non-compliance will invite stringent regulatory actions, emphasizing the SEC’s commitment to enforcement.

SEC’s Strategic Adjustments Under New Leadership

These amendments follow the appointment of Emomotimi Agama as the new Director-General of the SEC. The revisions reflect the commission’s proactive stance in adapting to the challenges and opportunities presented by digital asset markets, underscoring Nigeria’s commitment to responsible regulatory oversight.

Nigeria’s Crypto Market Growth and Regulatory Imperatives

Nigeria has emerged as a vibrant hub for cryptocurrency activities, with rapid adoption rates and increasing economic significance in the global digital economy. Recent proposals, including adjustments to registration fees for crypto exchanges, highlight the government’s intent to foster a robust regulatory environment rather than resorting to punitive measures. This strategic approach aims to position Nigeria favorably in the evolving global digital landscape.

Conclusion

The Nigerian SEC’s proactive amendments signify a pivotal moment in the regulation of digital assets within the country. By enhancing compliance measures and introducing targeted initiatives like ARIP, the SEC aims to foster a secure and conducive environment for digital asset activities. These efforts not only aim to mitigate risks but also to bolster investor confidence and support sustainable growth in Nigeria’s burgeoning crypto sector. As the digital asset market continues to evolve, Nigeria’s regulatory framework stands poised to adapt and thrive in the face of new challenges and opportunities.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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