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.”
Project Green-White-Green proposes turning regulatory “roadblocks” into a “superhighway” for growth. Key recommendations include:
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.
With Nigerians conducting an estimated $92.1 billion in virtual asset transactions annually, the whitepaper identifies a massive revenue opportunity for the Federation.
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:
“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.”
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.
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.
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
To build a robust, harmonized, and forward-looking virtual asset sector, we need leadership that reflects the diverse realities of the African market. We are thrilled to introduce the exceptional minds stepping up to steer VASPA’s mission:
Abuja FCT, Nigeria — On March 31, 2026, the Central Bank of Nigeria (CBN) issued a press release announcing the commencement of an Anti-Money Laundering, Counter-Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) Supervision Pilot for a select group of Virtual Asset Service Providers (VASPs).
Founded in 2024, 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), comprising individual, corporate, and institutional members from across Africa. Join us to shape the future of virtual asset in Africa.
