The Nigerian SEC announced the launch of the Accelerated Regulatory Incubation Programme (ARIP) and introduced a new requirement for all virtual asset service providers (VASPs) to establish a local office to obtain the right to provide services in the country. In addition, the circular from the regulator instructed all existing and potential VASPs to ensure that they appoint Nigerian nationals to management positions.
The SEC clarified that candidates for crypto company director positions are recommended to have relevant qualifications related to investment business or securities markets, as well as to obtain accreditation from the regulator. Accreditation requirements include a sworn statement of no convictions for fraud, an operational plan, a business model with a clear value proposition, and investor protection provisions.
The day before, it became known that the KuCoin crypto exchange has implemented a new tax policy for users from Nigeria. From July 8, the exchange will introduce a value-added tax (VAT) of 7.5% on commissions from all customer transactions.
Source: Bits
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