Newsletter on SEC Proposed Rules for Registration of Virtual Asset Service Providers

In 2020, the Securities and Exchange Commission (SEC) expressed its intention to regulate the virtual assets when it released the “Statement on digital assets and their Classification and Treatment”. However, following the 2021 CBN Letter directing deposit money banks, non-bank financial institutions, and other financial institutions to identify persons or entities involved in cryptocurrency transactions within their systems and ensure that such accounts are closed immediately, the SEC suspended its plans to regulate virtual assets.

The SEC has now revived its regulatory intents for virtual assets as, in April 2022, it released the Proposed Rules for Registration of Virtual Asset Service Providers.

This Newsletter serves to set out the key provisions of the VASP Rules.

LEAVE A REPLY

Please enter your comment!
Please enter your name here