Effective Date: 1 May 2025
Welcome to the Virtual Assets Service Providers Association (VASPA). VASPA is a non-profit industry body registered with the Corporate Affairs Commission in Nigeria, dedicated to promoting the growth, integrity, and regulation of virtual assets across Africa. VASPA’s mission is to support best practices, policy alignment, education, and innovation within the virtual assets industry.
These Terms of Use (the “Agreement” or the “Terms”) govern your access to and your use of the VASPA website [https://vaspa.org/ and any associated services (collectively, the “Services”) provided by VASPA (“we,” “our,” or “us”).
By accessing or using our Services, you agree that:
- You have read, understood, and accepted to be legally bound by these Terms.
- You are legally competent to enter into a binding agreement.
- You will comply with these Terms and any applicable laws and regulations.
1. Definitions
“Account” means a VASPA Account.
“Member” means an individual or organization that has completed VASPA’s membership application process and been accepted into VASPA.
“Services” include all features, tools, memberships, communications, and events offered by VASPA.
“Platform” refers to the VASPA website and its digital properties through which the Services are delivered.
“User” means any individual or organization that uses the VASPA website or Services.
2. Membership
2.1. Eligibility
To become a member of VASPA, you must meet the criteria relevant to your membership category as described on the VASPA website. These criteria include having relevant industry experience, having the required business status, and completion of our KYC compliance.
2.2. Membership Tiers and Criteria
Membership tiers range from Associate to Patronship and include fees from $30 to $5,000 per year. VASPA shall require applicants to complete our onboarding process, including submission of required documentation and possible interviews.
2.2.1. Expert
An applicant wishing to become an expert member must fulfill the following criteria:
- Be an academic or researcher with a proven track record of contributions to teaching, research, and development in the virtual assets industry.
- Have a minimum of 5 years experience in virtual assets, blockchain technology, or related fields.
- Complete basic KYC requirement with a valid government-issued ID;
- Pay an annual membership fee as officially communicated by VASPA.
- Complete a formal onboarding process, including an orientation session and an interview meeting with the VASPA Board of Trustees.
2.2.2. Professional
An applicant wishing to become a professional member must fulfill the following criteria:
- Be an active professional providing services to the virtual assets industry.
- Prove his or her verified membership of a recognized professional body, whether legal, accounting, compliance, or other body.
- Have a minimum of 3 years of experience in the virtual assets or related industry.
- Complete basic KYC requirement with a valid government-issued ID.
- Pay an annual membership fee as officially communicated by VASPA.
- Complete a formal onboarding process, including an orientation session and an interview meeting with the VASPA Board of Trustees.
2.2.3. Associate
An applicant wishing to become an associate member must fulfill the following criteria:
- Have a minimum of 1-year experience in financial services, technology, compliance, blockchain, or fintech OR currently enrolled in a relevant professional certification program.
- Submit a recommendation letter from an active individual, corporate, or institutional VASPA member of good standing.
- Complete a basic KYC verification with a government-issued ID.
- Pay an annual membership fee as officially communicated by VASPA.
- Participate in a formal onboarding process including an orientation session.
2.2.4. Institutional Member
An applicant wishing to become an institutional member must fulfill the following criteria:
- Be an accredited academic institution, research centre, or think tank.
- Have active programs, projects, or interests in virtual assets and blockchain technology.
- Demonstrate commitment to research, education, and innovation in the virtual assets industry.
- Complete formal onboarding process including meeting with the VASPA Board of Trustees
- Pay an annual membership fee as officially communicated by VASPA.
2.2.5. Patronship Tier
An applicant wishing to become a patronship tier member must fulfill the following criteria:
- Be established and a reputable industry player with a track record in innovation and advocacy.
- Complete KYC with evidence of company or business registration and utility bill.
- Demonstrate commitment to the growth and development of the virtual assets industry.
- Pay an annual patronship fee as officially communicated by VASPA.
- Have a formal onboarding meeting with the VASPA Board of Trustees.
2.2.6. Partnership Tier
An applicant wishing to become a partnership tier member must fulfill the following criteria:
- Demonstrate interest in strategic partnership seeking enhanced collaboration.
- Complete KYC with evidence of company or business registration and utility bill.
- Demonstrate commitment to the growth and development of the virtual assets industry.
- Pay an annual membership fee as officially communicated by VASPA.
- Have a formal onboarding and meeting with the VASPA Board of Trustees.
2.2.7. Market Leader Tier
An applicant wishing to become a market leader tier member must fulfill the following criteria:
- Be a major player with a significant market presence locally and internationally with annual revenue above $5,000,000.
- Complete KYC with evidence of company or business registration and utility bill.
- Demonstrate commitment to the growth and development of the virtual assets industry.
- Pay an annual membership fee as officially communicated by VASPA.
- Have a formal onboarding meeting with the VASPA Board of Trustees.
2.2.8. Growth Tier
An applicant wishing to become growth tier member must fulfill the following criteria:
- Be a growing company or local player with annual revenue of up to $1,000,000 to $5,000,000.
- Complete KYC with evidence of company or business registration and utility bill.
- Demonstrate commitment to the growth and development of the virtual assets industry.
- Pay an annual membership fee as officially communicated by VASPA.
- Have a formal onboarding meeting with the VASPA Board of Trustees.
2.2.9. Startup Tier
An applicant wishing to become a startup tier member must fulfill the following criteria:
- Be an early-stage virtual asset service provider or a new market entrant with annual revenue of less than $1,000,000.
- Complete KYC with evidence of company or business registration and utility bill.
- Demonstrate commitment to the growth and development of the virtual assets industry.
- Pay an annual membership fee as officially communicated by VASPA.
- Formal onboarding meeting with the VASPA Board of Trustees.
2.3. Membership Registration
To access the Services and benefits provided by VASPA, you must register for a membership account through our official website . During registration, you are required to provide a valid email address, a secure password, and complete the membership application relevant to your tier.
2.4. Acceptance and Revocation
VASPA reserves the right to approve or reject applications and may revoke membership for non-compliance with its policies, including our Code of Conduct.
3. Using the Services
3.1. User Obligations
You agree to use the Services lawfully and ethically and you shall not:
- Submit false information during the application process.
- Misrepresent your affiliation with VASPA.
- Breach the security or integrity of the Platform.
- Violate intellectual property or use the Platform for unauthorized commercial purposes.
- Breach, compromise, or circumvent any of the Services, advise or aid anyone in any of these acts, or attempt to gain unauthorized access to the Services.
- Remove, alter, or obscure any copyright, trademark, or other intellectual property or proprietary notices contained in the Services.
- Distribute, rent, sublicense, lease, lend, sell, resell, assign, transfer, transmit, stream, broadcast, or otherwise make available or exploit any features or functionality of the Services.
3.2. Actions by VASPA
We reserve the right to suspend or terminate your access to our Services at any time for violation of these Terms. We will enforce appropriate measures against you in our sole and absolute discretion which may include the following:
- Reporting to law enforcement agencies or other authorities, suspending or terminating your access to the Services.
- Demanding you to pay a determined amount to us, where your actions or inactions result in the imposition of economic costs to us, including without limitation, the amount of taxes or penalties that might be imposed on us.
- Refusing to provide the Services to you now or in the future.
- Holding your assets in our possession for a period of time reasonably needed to protect against the risk of liability to us.
3.3. Account
Upon availability, you can register for a membership account with VASPA on the VASPA website. The account allows you to access member-specific services, benefits, and participate in community activities. By creating an account with VASPA, you expressly warrant and represent that:
- You have read, understood, and agreed to abide by VASPA’s Terms of Use and related policies;
- You have not previously been suspended or removed from using VASPA’s platform, membership, or services;
- You will not open or attempt to open an account or apply for membership under a false identity, or act on behalf of another party without proper authorization;
- If applying on behalf of a legal entity or institution, you are duly authorized to represent and bind such entity;
- You will not maintain more than one membership account unless expressly permitted by VASPA;
- You will provide accurate and up-to-date information as part of your membership application and KYC process;
- You will not use your membership or access to the VASPA platform for illegal activities, or in violation of any applicable laws, rules, or regulations;
- You understand and agree that VASPA reserves the right to limit, suspend, or terminate your membership or access to the platform if you are found to be in breach of these Terms or acting contrary to the goals and ethics of the Association.
3.3.1. Password
You must set a password with a minimum of 8 characters. You are responsible for maintaining the confidentiality of your login credentials.
3.3.2. Email Verification
Following your registration, you will receive a verification email. You must verify your email address to activate your account and access membership services.
3.3.3. Know Your Customer (KYC)
VASPA requires all applicants to undergo KYC verification before full access to membership benefits is granted. This verification includes the submission of valid identification and documentation as stipulated for each membership category.
You authorize VASPA to verify the information you provide through internal or third-party compliance checks for identity and integrity purposes.
3.4. Managing Your Account
The VASPA member portal provides functionalities for managing your account, including application status tracking, profile updates, uploading compliance documents, accessing educational content, and participating in community discussions.
3.4.1. Dashboard
Your personalized dashboard displays your membership status, tier, contributions, event registrations, and other related information.
3.4.2. Profile Management
You can update your personal or institutional details, change your password, and configure your communication preferences.
4.4.3. Payment and Invoicing
Membership fees vary by tier. You can either make payments as specified by VASPA or be able to do so via your dashboard where you may view payment history, download invoices, and renew your membership.
4. Privacy Notice
Your use of the Platform is governed by our Privacy Notice, which outlines how we collect, use, and safeguard your personal information. By using our Services, you consent to our data practices.
5. Intellectual Property
5.1. VASPA Property
All content, logos, and designs on the Platform are the intellectual property of VASPA. You may not copy, distribute, or modify any part of our materials without prior written permission first sought and granted.
5.2. User Content
By submitting materials to VASPA, such as applications, event presentations, and other materials, you grant us a non-exclusive, royalty-free license to use the content for VASPA-related purposes.
6. Disclaimer and Limitation of Liability
VASPA DOES NOT GUARANTEE REGULATORY OUTCOMES, FINANCIAL BENEFITS, OR THE CREDIBILITY OF ANY INDIVIDUAL OR ORGANIZATION PARTICIPATING IN ITS PROGRAMS OR MEMBERSHIP TIERS BEYOND THE SCOPE OF ITS VERIFICATION AND DUE DILIGENCE PROCESSES.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, VASPA, ITS OFFICERS, STEERING COMMITTEE, EMPLOYEES, AFFILIATES, AGENTS, PARTNERS, OR SERVICE PROVIDERS SHALL NOT BE LIABLE FOR ANY CLAIM, LOSS, DAMAGE, INJURY, DELAY, INTERRUPTION, OR ANY INCIDENTAL, INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PROFITS, DATA, REVENUE, BUSINESS INTERRUPTION, OR LEGAL EXPENSES ARISING FROM:
- YOUR INABILITY TO ACCESS OR USE VASPA’S SERVICES OR PLATFORM;
- ANY DECISION OR ACTION TAKEN BY VASPA AFFECTING YOUR MEMBERSHIP OR PARTICIPATION, WHETHER DUE TO NEGLIGENCE OR OTHERWISE;
- ANY REPRESENTATIONS, STATEMENTS, OR ACTIONS BY THIRD PARTIES CLAIMING ASSOCIATION WITH VASPA OR ITS SERVICES;
- MALICIOUS CODE, VIRUSES, OR OTHER TECHNOLOGICAL HARM CAUSED THROUGH THE PLATFORM;
- THE CONDUCT OR CONTENT OF ANY THIRD PARTY ACCESSING OR USING VASPA’S PLATFORM OR SERVICES; AND
- ANY PROFESSIONAL OR BUSINESS RELATIONSHIPS FORMED THROUGH VASPA, INCLUDING COMMERCIAL, LEGAL, OR INVESTMENT DECISIONS MADE BY MEMBERS OR PARTNERS.
IN NO EVENT SHALL VASPA’S LIABILITY EXCEED THE TOTAL MEMBERSHIP FEES PAID BY YOU TO VASPA IN THE THREE MONTHS PRECEDING THE INCIDENT GIVING RISE TO THE CLAIM.
BY USING VASPA’S SERVICES OR PLATFORM, YOU AGREE TO INDEMNIFY AND HOLD HARMLESS VASPA, ITS LEADERSHIP, PARTNERS, AND AFFILIATES FROM ANY CLAIMS, DAMAGES, OR LIABILITIES ARISING FROM YOUR USE OR MISUSE OF THE PLATFORM OR SERVICES.
7. Termination
7.1. You may discontinue your use of the Platform at any time. If you violate any provisions of these Terms of Use, we reserve the right to remedy such violations, including without limitation, the right to restrict, suspend, or terminate your access to the Services without notice.
7.2. You may cancel your membership at any time by notifying us in writing at least three (3) months before your cancellation. We reserve the right to suspend or terminate your account if you breach these Terms or engage in activities that harm the reputation or objectives of VASPA.
8. Modifications
VASPA may revise these Terms at any time. We will notify you of material changes affecting your use of the Services via email or by posting them on our website. Your continued use of our Services after changes are made constitutes your acceptance of the revised Terms.
9. Governing Law
These Terms shall be governed by and construed under the laws of the Federal Republic of Nigeria.
10. Dispute Resolution
10.1. Any dispute arising from your use of the Services and regarding your membership shall first be addressed through good-faith negotiations.
10.2. If the dispute continues within 30 days of good-faith negotiations, the dispute shall be referred to mediation.
10.3. If mediation fails or there is a failure to agree on a mediator within 28 days, the dispute shall be referred to the Lagos Multi-Door Court House (LMDC) for resolution. The proceedings shall be conducted in English Language and the Laws of the Federal Republic of Nigeria shall apply. Online dispute resolution mechanisms may be adopted for the parties.
Contact Us
If you have questions regarding these Terms of Use, contact us via our website: https://vaspa.org/contact-us/.