VASPA Launches $92 Billion Crypto Integration Project

The Virtual Asset Service Providers Association (VASPA) has unveiled a $92.1 billion digital project designed to anchor cryptocurrency within Nigeria's formal economy. Franklin Peter, the CEO and founder of BoundlessPAI, emphasized the urgency of aligning Nigeria's virtual asset sector with global standards.

The project aims to create a definitive roadmap that will attract serious investors over the next decade, contributing to Nigeria's ambitious goal of achieving a $1 trillion economy by 2030. A white paper detailing the project's framework is expected to be released between July 2024 and June 2025.

Currently, Nigeria conducts $92 billion in virtual asset transactions, generating zero tax revenue due to infrastructural challenges. The project seeks to resolve regulatory conflicts between the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC) to foster a conducive environment for indigenous Web3 startups.

The initiative includes a 24-month sovereign integration roadmap to facilitate local operations and upskill Nigerian talent.