In a bid to move Nigeria from regulation by enforcement to a structured digital economy, the Virtual Asset Service Providers Association (VASPA) has launched Project Green-White-Green.
This comprehensive policy and technical roadmap is designed to anchor the virtual asset sector into the Federal Government’s ambitious $1 trillion economy target.
For years, the relationship between Nigeria’s crypto/blockchain sector and regulators has been characterized by friction and shadow bans.
Project Green-White-Green aims to reset this dynamic, proposing a framework that balances innovation with national security and fiscal responsibility.
The Fiscal Engine: A ₦500 Billion Windfall
The roadmap isn’t just about rules; it’s about revenue. VASPA projections suggest that by formalizing the sector and implementing an automated “Electronic Fiscal System,” the federal government could rake in over ₦500 billion annually.
This system would allow for real-time tax remittances from virtual asset transactions, turning a previously gray market into a primary contributor to the Federation Account.
Securing the Naira and National Interest
To win over top-tier regulators like the CBN and the SEC, the project introduces several “fail-safe” mechanisms:
The Currency Circuit Breaker: A mechanism linked to the NAFEM rate designed to prevent artificial volatility and stabilize the Naira against speculative digital asset trading.
The Observer Node: A proposal for the Nigerian Financial Intelligence Unit (NFIU) to have direct oversight, ensuring 100% traceability of transactions to keep Nigeria permanently off the FATF Grey List.
The One-Stop Shop: A single inter-agency unit to eliminate the current regulatory maze where startups often face conflicting directives from different government bodies.
No Innovator Left Behind: The Tiered Licensing Play
One of the most significant hurdles for local blockchain startups has been prohibitive capital requirements. VASPA is advocating for Tiered Licensing, ensuring that indigenous entrepreneurs can enter the market without being decapitated by steep fees.
“This is about constructive realignment,” said Buki Ogunsakin, vice chair of VASPA. “We are proposing the rebuilding of a future where digital innovation happens for Nigeria with enabling frameworks—strengthening our global competitiveness while securing Nigeria’s sovereignty.”
What the Stakeholders are Saying
The initiative is being framed as a new social contract between the government and the tech ecosystem.
“For an industry to thrive under a smooth regulatory and an economically-viable climate, a distinctively clear roadmap is needed,” noted Stephen Azubuike, vice chair for Policy & Regulations.
Favour Uche, assistant policy lead, added that the project aims to move beyond past divisions:
“It moves us beyond past divisions and ‘regulation by enforcement’ toward genuine collaboration. True progress comes from working together, not apart.”
The Roadmap Forward: The Safe Harbor Pilot
The Project Green-White-Green Whitepaper is currently undergoing an intensive review by industry operators. Once this consultative phase is complete, the final roadmap will be presented to:
- The Presidency
- The Central Bank of Nigeria (CBN)
- The Nigeria Revenue Service (NRS)
- The Securities and Exchange Commission (SEC)
The goal is to activate a Safe Harbor, a protected regulatory environment where compliant innovators can operate without fear of sudden crackdowns while the final legal frameworks are solidified.
If Project Green-White-Green succeeds, Nigeria could pivot from being a global leader in underground crypto adoption to a regulated global titan in digital asset governance.
