The SEC of Nigeria announced the launch of the Accelerated Regulatory Incubation Program (ARIP) and introduced a new requirement for all virtual asset service providers (VASPs), obliging them to open a local office to obtain rights to provide services in the country. In addition, the regulator's circular instructs all existing and potential VASPs to ensure that citizens permanently residing in Nigeria are appointed to management positions.
The SEC clarified that applicants for the positions of directors of crypto companies are recommended to have specialized qualifications related to the investment business or the securities market, as well as to obtain accreditation from the regulator. Accreditation requirements include an affidavit stating that there are no convictions for fraud, an operational plan, a business model with a clear value proposition, and provisions for investor protection.
Yesterday it became known that the KuCoin crypto exchange has implemented a new tax policy for users from Nigeria. From July 8, the exchange introduces a value added tax (VAT) of 7.5% on commissions from all customer transactions.