Nigeria Unveils New Framework for Cryptocurrency Regulation

The Nigerian government is set to receive a new policy framework aimed at regulating the country's cryptocurrency market. The Virtual Asset Service Providers Association (VASPA) has unveiled Project Green-White-Green, a comprehensive plan that seeks to align virtual assets with national economic priorities.

According to VASPA, the framework will provide a structured pathway for operators by addressing regulatory bottlenecks and enhancing transparency and security through identity verification. The association also proposes an automated system for collecting value-added tax and capital gains tax at transaction points, which could generate over $92 billion in revenue each year.

The plan includes a Safe Harbour Pilot that will allow operators to regularize their activities without immediate sanctions, as well as a 24-month roadmap to integrate offshore exchanges into Nigeria's regulatory system. VASPA is preparing to present the framework to key government institutions in an effort to secure regulatory backing and begin implementation.