Nigerian SEC Launches New Crypto Regulations Amid Binance Scandal
The Nigeria Securities and Exchange Commission (SEC) unveiled a new crypto regulatory framework Friday focused on amending its approach to digital asset issuance, exchange and custody, and offering platforms. The news came just one day after U.S. lawmakers visited detained Binance executive Tigran Gambaryan.
According to an official statement from the Nigeria SEC, the updated regulatory framework will “expand the scope of regulation in line with the current realities.”
The announcement includes a “special window” for virtual asset service providers (VASPs) to apply for the African nation’s new “Accelerated Regulatory Incubation Program (ARIP),” a regulatory initiative for companies in the Fintech space.
According to the SEC’s website, ARIP is “designed for promoters of new business models and processes that are currently carrying out full or ancillary Capital Market activities without the required authorization through the use of technology.”
The SEC’s latest program hopes to “aid the evolution of effective regulation without compromising market integrity” while ensuring investor protection.
All prospective Nigerian VASPs interested in ARIP have 30 days to complete their respective applications. After that, the government says it will pursue enforcement actions against non-compliant firms.
News of Nigeria’s shifting regulatory approach to digital assets comes just one day after two US lawmakers visited the country to see detained Binance executive Tigran Gambaryan amid reports of his declining health.
Yesterday, @RepHoulahan and I visited with US citizen Tigran Gambaryan in Kuje Prison in Nigeria. We found him suffering from the conditions there, as he has malaria and double pneumonia, and he reports that he has
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