The SEC’s new rules on digital asset promotions aim to “curb the menace” of social media influencers promoting unregulated crypto products.
The Nigerian Securities and Exchange Commission (SEC) has updated its crypto rules, adding requirements on crypto-related marketing promotions from virtual asset service providers (VASPs) and social media influencers.
In its revised Digital Asset Rules, the SEC said that VASPs engaging third-party service providers to promote their crypto products must “obtain prior approval from the Commission.” The rules also require VASPs to ensure that the third-party provider complies with marketing rules set by the SEC.
The rules apply to any VASP offering services to the country’s residents and are scheduled to come into effect on June 30, 2025.
