Nigerian exchanges face licensing hurdles as analysts urge SEC guidelines overhaul

Kue Barinor Paul, a Nigerian Web3 legal representative, said that Nigerian crypto exchanges and VASPs would likely have to merge to afford the SEC license requirement.

The Nigerian Securities and Exchange Commission’s (SEC) crypto licensing requirements should revisit the virtual asset services providers (VASP) guidelines to enable local crypto exchanges to get licenses to operate in the country, according to Nigerian crypto analyst Rume Ophi.

In an interview with Cointelegraph, Ophi explained that the existing guidelines provided by the SEC to guide the registration of VASPs are not favorable to indigenous crypto exchanges, adding that local exchanges should have been a priority when formulating the guidelines.

Exchanges must obtain a VASP license from the SEC by complying with the application processing requirements, a registration fee and other applicable fees.

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