[Blockchain News] According to ChainCatcher, the Nigerian Securities and Exchange Commission (NSEC) is revising the rules governing virtual asset service providers (VASPs) to adapt to the current reality. This move is intended to expand its regulatory scope to better manage and supervise this growing industry.

In this work, NSEC introduced the Accelerated Regulatory Incubation Program (ARIP) for the entry of VASPs. This is an important step to help new and existing VASPs adapt and comply with new regulations more quickly.

In addition, NSEC has instructed all operating and potential VASPs to visit its electronic portal and complete the application process within 30 days. For those VASPs that do not comply with this directive, the regulator will take enforcement action. This is a clear signal that NSEC is stepping up its supervision of VASPs.