The Nigerian Securities and Exchange Commission has asked cryptocurrency companies to establish local offices

On July 4th, the Securities and Exchange Commission of Nigeria (SEC) required virtual asset service providers (VASPs) in the country to have an office within Nigeria to be eligible to participate in its framework program. These institutional entities must be incorporated and have an office in Nigeria to be eligible to participate in the Accelerated Regulatory Incubation Program (ARIP), and the CEO or Managing Director must reside in Nigeria, the SEC said. Applicants must be engaged in investment and securities business and are seeking registration or are in the process of submitting a virtual asset-related application to the Securities Exchange Commission.