Nigeria Proposes Rule Requiring Foreign Crypto Exchanges to In | Crypto | Ethereum | Bitcoin
Nigeria Proposes Rule Requiring Foreign Crypto Exchanges to Incorporate in the Country
According to the proposed amendments to the rules governing digital asset entities by the Nigerian Securities and Exchange Commission (SEC), a company “seeking to operate as a VASP [Virtual Asset Service Provider] must be incorporated and maintain an office in Nigeria.” The SEC also proposed that the CEO or managing director must reside in Nigeria. Foreign or non-residential operators targeting Nigerian users directly or through their agents will also be subject to the proposed rule changes, the regulator added.
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