Registration And Licensing Requirements For Virtual Assets, Digital Investment And Fintech Service Providers

INTRODUCTION:

The rise of virtual assets and digital exchanges has introduced innovative ways of conducting financial transactions. The Securities and Exchange Commission ("SEC" or the "Commission") is responsible for overseeing the registration and licensing of Virtual Asset Service Providers ("VASPs"), Fintech Innovators, and other Digital Investments Service Providers ("DISPs"). To protect investors, maintain market integrity, and prevent financial crimes, the Commission has established regulatory frameworks that outline the specific requirements these service providers must fulfill in order to operate legally in Nigeria.

In this article, we provide an overview of the registration requirements and procedures for fintech operators, VASPs and DISPs to obtain the necessary approvals from SEC to operate legally in Nigeria