Abuja FCT, Nigeria — With the consultation window for Project Green-White-Green having officially closed on 8 March 2026, the Virtual Asset Service Providers Association (VASPA) reports engagements from a spectrum of virtual asset service providers (VASPs) and other industry stakeholders.
The depth of the feedback received, altogether, signal a collective readiness to move beyond the era of “regulation by enforcement” and “regulatory friction” toward a structured, sovereign-led integration of the virtual asset sector into the formal Nigerian economy. The ultimate goal is meaningful market access for global competitiveness without necessarily compromising the safety and soundness of the financial system.
VASPA is grateful to all VASPs and industry stakeholders who dedicated time to sharing their feedback after studying the abridged version of the Project Green-White-Green Whitepaper.
A Blueprint Refined by the Industry
In our commitment to transparency, VASPA has synthesized the diverse perspectives provided by the industry. The consensus is clear: the industry neither seeks an unregulated “wild west” nor a “regulation-by-enforcement” regime but rather a predictable framework that fosters innovation while protecting national interests—a constructive realignment of the virtual asset sector in the country.
Key themes from the feedback include the following:
1. Proportionality in Licensing (The Tiered Model)
One of the most critical points of discussion involved the proposed capital requirements for VASPs by the Securities and Exchange Commission (SEC). While there is broad support for robust capitalization to protect consumers, stakeholders highlighted that a flat threshold for any single category could inadvertently favor monopolies or foreign entities over competition or local innovators respectively.
- The Refinement: VASPA is developing a proposed Risk-Weighted Tiered Framework for VASPs. This model, which will be included in the final Whitepaper, aims to create tiers for “Micro-VASPs” with lower capital floors while maintaining high-liquidity reserves for systemically important VASPs.
2. Market Integrity & The “Circuit Breaker”
The proposal to link virtual asset liquidity to the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate was lauded as a bold move to reduce speculative arbitrage and stabilize market pricing.
- The Refinement: Stakeholders have requested technical clarity on pricing oracles and settlement reconciliation. VASPA is integrating these safeguards in the final Whitepaper to ensure that digital assets act as a pillar of Naira stability rather than a source of volatility.
3. National Security and Fiscal Integration
There is significant support for the Observer Node—a privacy-protected interface for regulatory monitoring—and the Electronic Fiscal System (EFS) for automated tax remittance.
- The Refinement: Feedback emphasized the need for strict data minimization and independent oversight to ensure that compliance does not compromise user confidentiality. Furthermore, it is worth mentioning that the industry suggested linking Corporate Social Responsibility (CSR) to tax incentives, encouraging VASPs to fund blockchain education and university tech hubs that help to build local capacity in line with Nigeria’s local content policy.
The Need for VARA Integration: Extended Deadline for Publication of Project Green-White-Green Whitepaper
In a major update to the project’s roadmap, VASPA is pleased to announce a significant expansion of the to-be-finalized Project Green-White-Green Whitepaper.
Recognizing the evolving regulatory landscape in the country, the final Project Green-White-Green Whitepaper will now include a dedicated section specifically focused on Nigeria’s draft Virtual Asset Regulatory Authority (VARA) Whitepaper. This addition ensures that the industry’s operational proposals are aligned with the emerging national regulatory architecture for virtual assets regulation in the country.
The Countdown to Whitepaper Publication and Engagements with Regulators and Other Stakeholders
The finalized Project Green-White-Green Whitepaper, largely due to the need to include a special section on the proposed VARA initiative, is now rescheduled for official publication on April 10, 2026. This new date also ensures that the incoming Pan-African leadership team of VASPA would have been inaugurated.
Upon release, the Project Green-White-Green Whitepaper will be formally presented to:
- The Presidency
- The Central Bank of Nigeria (CBN), the SEC, the NRS, and the NFIU
- The EFCC
- NITDA
- ONSA
- Relevant Standing Committees and Ad Hoc Committees of the National Assembly
In the coming weeks, beginning this month of April, the Project Manager, along with select VASPA delegates and industry representatives, will formally kickoff engagements with regulators and the government in Abuja FCT.
Favour Uche Emerges Project Manager
Favour Uche, who was recently appointed VASPA’s Assistant Lead, Policy & Regulatory Affairs, has been appointed the Project Manager of Project Green-White-Green. This is based on Ms. Uche’s exemplary and inspiring commitment and dedication to VASPA’s mission, her sterling performance in her existing position and voluntary roles in the association, and her sound understanding of the mission and modalities of Project Green-White-Green. Ms. Uche is a Corporate & Commercial lawyer with expertise in legal compliance, cryptocurrency, FinTech, and product management. A Tech Policy Advocate, she serves in the Policy and Regulations Committee of VASPA. In her professional career, she mainly helps FinTech companies build compliant products, bridging the legal-product strategy gap. No doubt, Ms. Uche’s professional background, enthusiasm, and excellent organizational skills & operational efficiency will highly benefit the Project.
Ms. Uche will step into her Ad Hoc role immediately, while also maintaining her standing role as Assistant Lead in the Policy & Regulatory Affairs section. In carrying out her new mandate, Ms. Uche is expected to, amongst others, chiefly mobilize all key stakeholders and resources toward the actualization of the short-term, mid-term, and long-term goals of Project Green-White-Green.
In her words of acceptance, Ms. Favour welcomes the new challenge with gratitude: “I am deeply honored to be appointed Project Manager of Project Green-White-Green, VASPA Nigeria’s flagship regulatory engagement initiative”. To Ms. Uche, this appointment “comes at a defining moment for Nigeria’s virtual asset industry,” adding that “the work ahead is both urgent and historic.”
“Project Green-White-Green is not simply a policy initiative; it is a constructive call to action for every stakeholder who believes that Nigeria’s digital asset ecosystem deserves clarity, access, and growth,” she stated.
“To the VASPA Steering Committee, thank you for the trust. I receive this responsibility with humility and with full commitment to delivering outcomes that serve our industry, our regulators, and ultimately, our nation. To our member VASPs and everyone who has championed this cause, your confidence is the fuel that drives this work. We move together. Nigeria’s moment in the global digital economy is now. Let us build it right.”
For further information on the upcoming April 10 release or to support this project, please visit VASPA website or write to the Project Management Office (PM0) at projectgwg@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.
