Nigeria Has Spoken. The Work Now Begins.
A Crucial Call for Participation in a Survey from the Virtual Asset Service Providers Association (VASPA)
Nigeria
/
Regulation
Author
VASPA Africa
Post Date
October 31, 2025
The Path to Clarity—Proposing a Unified Virtual Asset Service Act (VASA) for Responsible Innovation and Adoption in Nigeria
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Abuja FCT, Nigeria — On October 30, 2025, the Virtual Asset Service Providers Association (VASPA) presented an expert working paper, titled “The Path to Clarity—Proposing a Unified Virtual Asset Service Act (VASA) for Responsible Innovation and Adoption in Nigeria” to the House of Representatives’ Ad Hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and POS Operations in Nigeria.
Executive Summary: The Case for a Unified Virtual Asset Service Act (VASA)
1. Introduction and Statement of Commitment
The Virtual Asset Service Providers Association (VASPA) welcomes the initiative of the Ad Hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and POS Operations in Nigeria (the Ad Hoc Committee) to address the critical economic, regulatory, and security implications of digital finance in Nigeria. Our nation’s position as a global leader in cryptocurrency adoption, with reportedly over 22 million users, necessitates a legislative framework that is comprehensive, coherent, investor-friendly, and fit for purpose. This high rate of adoption is a pragmatic response to persistent macroeconomic factors in conventional financial services.
VASPA’s commitment to full regulatory compliance is total and revealing. We posit that the current, fragmented regulatory approach—a patchwork of legislation, rules, and circulars—has not achieved the necessary level of clarity, certainty, efficiency, and effectiveness to drive responsible innovation in Nigeria.
1.2. Primary Proposal and Key Recommendations (Summary)
This paper formally proposes the enactment of a Virtual Asset Service Act (VASA). This single, overarching statute must replace the current fragmented system to create a definitive, clear, and stable legal foundation for the emerging virtual asset sector.
Crucially, the VASA framework is designed to succeed without the creation of a new, independent regulatory body. Instead, it will codify the non-overlapping mandates of existing agencies—the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and the Nigerian Financial Intelligence Unit
(NFIU)—within one coherent law.
Key findings and corresponding recommendations include:
Downloadable Copy
To read the rest of this working paper, click here to download the copy submitted to the Chairman of the Ad Hoc Committee.
Support Advocacy
VASPA welcomes support from stakeholders and partners who share common goals with us regarding any of our advocacy projects. For enquiries on how you can support this project or any of our other ongoing or proposed projects, please reach out to the Secretariat via secretariat@vaspa.org.
About VASPA
The Virtual Asset Service Providers Association (VASPA) is a Pan-African industry body registered as an Incorporated Trustee with the Corporate Affairs Commission in Nigeria (CAC IT: 79069970) where it is headquartered. VASPA comprises individual, corporate, and institutional members from across Africa. For more information about us, please visit our website, www.vaspa.org. To become a Patron or Partner of VASPA, visit our Membership page: https://vaspa.org/become-a-member/. Individual and corporate members are also welcomed.
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