Nigerian Regulator Enforces Local Presence for Crypto Companies

IconCryptoNewsTerminal Staff04 Jul, 2024

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Nigerian Regulator Enforces Local Presence for Crypto Companies

The Securities and Exchange Commission (SEC) of Nigeria has implemented a new regulation requiring Virtual Asset Service Providers (VASPs) operating in the country to establish a physical presence. VASPs must now maintain a physical office and appoint a resident CEO within Nigeria to comply with the SEC's registration requirements. This move aligns with the SEC's efforts to enhance investor protection and promote responsible crypto industry practices. By establishing a local presence, VASPs will be subject to the SEC's regulatory oversight and enforcement actions, ensuring compliance with anti-money laundering and counter-terrorism financing measures. The SEC's proactive stance reflects the growing recognition of the need to regulate the rapidly evolving crypto industry. Regulators worldwide are implementing measures to mitigate risks associated with crypto assets, protect investors, and foster a transparent and sustainable ecosystem.

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