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The Securities and Exchange Commission (SEC) has unveiled plans to begin monitoring crypto transactions as outlined in its new official document: Framework on Accelerated Regulatory Incubation Program for the Onboarding of Virtual Assets Service Providers (VASPs) and other Digital Investments Service Providers (DISPs).
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This initiative aims to expand the regulatory framework and ensure compliance with global best practices, especially considering Nigeria’s status as one of the largest peer-to-peer (P2P) bitcoin marketplaces in the world. The SEC will monitor weekly and monthly trade statistics of VASPs, including cryptocurrency automated teller machines (ATMs), exchanges, P2P platforms, custodians, and more.
The framework seeks to broaden regulations on digital asset issuance, offering platforms, exchanges, and custodians to better organize the nation’s cryptocurrency ecosystem.
As part of this arrangement, the SEC will provide a dedicated window for onboarding VASPs, known as the “Accelerated Regulatory Incubation Programme (ARIP).”
