How VASPA Shapes Practical Regulatory Outcomes and Pan-African Collaboration: Kenya in Focus
A Crucial Call for Participation in a Survey from the Virtual Asset Service Providers Association (VASPA)
Author
VASPA Africa
Post Date
April 21, 2026
VASPA Unveils ‘Project Green-White-Green’ Whitepaper: A Landmark Blueprint to Integrate Nigeria’s $92 Billion Virtual Asset Market into the National Economy
Views
0
ABUJA FCT, NIGERIA — The Virtual Asset Service Providers Association (VASPA) has announced the official release of the Project Green-White-Green (GWG) Whitepaper, a sovereign-focused regulatory framework designed to securely integrate virtual assets into Nigeria’s formal financial ecosystem.
The whitepaper is the result of months of rigorous multi-stakeholder engineering and industry consultation. It marks a decisive shift from regulatory ambiguity toward a structured, operational model anchored on three strategic pillars: Market Integrity, National Security, and Fiscal Sovereignty.
“We are no longer waiting for the future of finance to happen to Nigeria; we are architecting it,” said Franklin Peters, Executive Chair of VASPA and CEO of Boundlesspay. “Project Green-White-Green is the definitive roadmap for any serious operator or investor who wants a stake in our digital economy. The regulatory landscape is fundamentally shifting, and those who align with this framework will lead the market.”
A Triple-Pillar Strategy for National Growth
1. Market Integrity and Regulatory Harmonization
Project Green-White-Green proposes turning regulatory “roadblocks” into a “superhighway” for growth. Key recommendations include:
- Sovereign FX Alignment: Establishing a Dynamic FX Alignment Standard to protect Naira stability by linking trading spreads to official NAFEM rates.
- Unified Coordination Forum: Creating a formal inter-agency “connective tissue” between the SEC, CBN, NFIU, CAC, and NRS to provide a single, streamlined compliance interface.
- Ending the ‘Banking Shadow Ban’: Implementing an API-based VASP Verification System to allow commercial banks to instantly distinguish between licensed platforms and unregulated actors.
2. National Security and Trust
The framework positions a regulated industry as a national security asset. By integrating with the National Identity Management Commission (NIMC), the project seeks to eradicate anonymity and formalize the participation of millions of users. This move directly supports Nigeria’s post-FATF Grey List status by anchoring the domestic sector to international AML/CFT standards.
3. Fiscal Sovereignty and Revenue Generation
With Nigerians conducting an estimated $92.1 billion in virtual asset transactions annually, the whitepaper identifies a massive revenue opportunity for the Federation.
- Automated Taxation: A proposal for a standardized digital reporting interface to automate VAT and Capital Gains Tax (CGT) remittances at the point of transaction.
- Tax Regularization: A “Clean Slate” framework to address historical regulatory grey zones (2021–2024), allowing operators to enter the formal system with legal certainty.
Strategic Policy Recommendations
The whitepaper serves as a technical response to the Central Bank of Nigeria’s (CBN) recent mandate for innovation and integrity. It introduces a 24-month Sovereign Integration Roadmap for foreign operators and a Tiered Licensing Model to protect indigenous startups from being crushed by monolithic capital requirements.
An outline of the recommendations:
- Proportionate and Activity-Based Licensing Framework
- Stablecoin Framework and Regulatory Clarity
- Cross-Border Recognition and Harmonizing Global Liquidity
- Secondary Markets, Liquidity, and Market Functioning
- Indigenous Innovation and Capacity Building
- Data Governance, Supervisory Access, and Operational Resilience
- Strategic Alignment: Operationalizing the CBN’s “Innovation Meets Integrity” Mandate
- Shifting the Paradigm: From Criminalization to Cooperative Compliance
- Risk-Based, Activity-Focused Regulation (The Tiered Approach)
- Advanced AML/CFT and International Collaboration
- The Sandbox Mandate: Legitimate Use Cases & Interoperability
- Benchmarking Global Excellence (MAS & MiCA)
- Legislative Consolidation: The Case for a Dedicated Virtual Asset Act
- A Mandate for Continuous Research
“This whitepaper is the culmination of meticulous legal, technical, and economic engineering,” stated Favour Uche, Project Manager for Project Green-White-Green and Star Associate at Infusion Lawyers. “We have articulated a framework that ensures speed-to-market does not come at the cost of national interest. The groundwork is officially laid, and the execution phase begins now.”
The ‘Safe Harbor’ Pilot
To facilitate a seamless transition, VASPA is proposing a Safe Harbor Pilot—a non-punitive, time-bound bridge allowing domestic and international operators to align with Nigerian law in good faith. The pilot provides a clear pathway toward full authorization while maintaining market stability.
Next Steps
The Project Green-White-Green Whitepaper will now serve as the primary instrument for VASPA’s high-level engagements with the CBN, SEC, NRS, NFIU, and the Office of the National Security Adviser (ONSA) in Abuja. Global exchanges, domestic startups, and financial institutions are strongly encouraged to review the framework immediately to begin restructuring their operational models.
A copy of the Project Green-White-Green Whitepaper is available for download at www.vaspa.org/green-white-green.
About VASPA
The Virtual Asset Service Providers Association (VASPA) is a Pan-African advocacy group for the virtual asset industry. Headquartered in Nigeria, VASPA’s mission is to foster innovation, harmonize regulation, and build a safe, thriving virtual asset ecosystem across the African continent.
CONTACT:
Name: Favour Uche
Title: Project Manager
Email: favour.uche@vaspa.org
Phone No: +234 813 923 0365
Project management office: projectgwg@vaspa.org
Website: www.vaspa.org
Related Posts
VASPA Exhibits at Nigeria Stablecoin Summit 2.0 in Lagos by Africa Stablecoin Network
ABUJA FCT, NIGERIA — July 27, 2026 — As stablecoins continue to solidify their position as the primary settlement engine for cross-border trade, remittances, and corporate liquidity across West Africa, the Virtual Asset Service Providers Association (VASPA) is proud to announce its full support and active participation in the Nigeria Stablecoin Summit (NSS) 2.0. Organized by the Africa Stablecoin Network (ASN) and convened by industry leader Nathaniel Luz, the summit will take place on Thursday, 30 July 2026, at the Oriental Hotel, Victoria Island, Lagos. VASPA’s endorsement underscores our commitment to fostering industry alignment, supporting ecosystem conveners, and advancing safe, compliant stablecoin rails across the continent. VASPA Leadership at NSS 2.0 To support ASN's vision of accelerating stablecoin adoption and regulatory clarity, VASPA’s executive leadership and policy team will be featured throughout the summit: Franklin Peters (Executive Chair, VASPA) will grace the summit as an official Special Guest, interfacing with capital allocators, banking executives, and ecosystem builders. Favour Uche (Assistant Lead, Policy & Regulatory Affairs Unit, VASPA) will be moderating a high-stakes panel session focusing on Stablecoin Regulation, AML/CFT Compliance, and Sovereign Monetary Alignment. Senator Ihenyen (Founding Trustee, VASPA) will attend as a VIP Delegate, bringing high-level policy and governance...
