Nigerian SEC Introduces New Crypto Regulations Amid Binance Controversy
The Securities and Exchange Commission (SEC) of Nigeria has revealed a fresh regulatory framework for cryptocurrencies, focusing on enhancing its oversight of digital asset issuance, exchange, custody, and trading platforms. This announcement came hot on the heels of U.S. lawmakers visiting detained Binance executive Tigran Gambaryan.
Updated Crypto Regulations by Nigeria SEC
As per an official statement from the Nigeria SEC, the revised regulatory framework aims to “widen the scope of regulation in alignment with current circumstances.” The announcement includes the introduction of a “special window” for virtual asset service providers (VASPs) to participate in Nigeria’s new “Accelerated Regulatory Incubation Program (ARIP),” a regulatory initiative for Fintech companies.
ARIP, as described on the SEC’s website, is tailored for innovators of new business models and processes engaged in Capital Market activities without the required authorization through the utilization of technology. The SEC’s latest initiative seeks to facilitate the development of efficient regulation while upholding market integrity and safeguarding investor interests.
Interested Nigerian VASPs have a 30-day window to submit their applications for ARIP, failing which the government will take enforcement actions against non-compliant entities.
Detention of Binance Executive Tigran Gambaryan Amid Health Concerns
News of Nigeria’s evolving approach to regulating digital assets coincides with the visit of two U.S. lawmakers who inspected the conditions of detained Binance executive Tigran Gambaryan amidst reports of his deteriorating health.
Congressman French Hill (R-LA) and Congresswoman Chrissy Houlahan (D-PA) expressed concern over Gambaryan’s health, noting his battle with malaria, double pneumonia, and substantial weight loss. Despite court orders for medical care, Gambaryan’s family claims he has not received adequate attention.
Following a collapse during a court hearing in late May, Gambaryan was directed to seek hospitalization. However, his family revealed delays in receiving medical attention and the withholding of health updates by prison authorities.
U.S. lawmakers have appealed to President Joe Biden for Gambaryan’s release, emphasizing the need for humanitarian intervention and dismissal of pending charges against him.
Another Binance employee, Nadeem Anjarwalla, who was arrested alongside Gambaryan, managed to evade custody and remains at large.
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