The Director-General of the Nigerian Securities and Exchange Commission (SEC), Emotimi Agama, has cautioned that some applicants for virtual asset service provider (VASP) licenses do not meet regulatory requirements. He stated that these applicants will have their applications rejected. However, Agama also mentioned that the commission will continue to provide clarity on complex issues to assist in the registration process. This warning comes several months after the SEC issued its first licenses under the Accelerated Regulatory Incubation Program. Agama emphasized that the registration process for VASPs includes not only onboarding but also monitoring, education, and surveillance. He also mentioned that the SEC is open to feedback from stakeholders and may amend rules if valid reasons are provided. The goal of the SEC is to ensure that Nigeria stands out as both one of the largest crypto markets and one that is well regulated.



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