According to the Daily Planet, Nigerian cryptocurrency analyst Rume Ophi suggested revisiting the Virtual Asset Service Provider (VASP) guidelines so that local cryptocurrency exchanges can obtain licenses to operate in the country. Ophi believes that the existing guidelines of the Nigerian Securities and Exchange Commission (SEC) are not conducive to local exchanges. He pointed out that many local exchanges cannot afford the minimum initial capital requirement of 500 million naira (about 556,620 US dollars), which will lead to mainly foreign exchanges operating in Nigeria. Nigeria Web3 Legal Representative Kue Barinor Paul agreed with Ophi's point of view and said that Nigeria's cryptocurrency exchanges and VASPs may need to merge to meet the licensing requirements of the Nigerian SEC. Paul suggested that the Nigerian SEC reformulate the licensing registration framework to match the actual situation of the country's economy.