VASPA Unveils $92 Billion Strategic Roadmap to Formalize Nigeria’s Rapidly Expanding Virtual Asset Market

Project Green-White-Green aims to integrate $92.1 billion in virtual assets into Nigeria's formal economy through automated tax and regulatory alignment.

By: AXL Media

Published: Apr 24, 2026, 6:20 AM EDT

Source: Information for this report was sourced from The Sun Nigeria

A Practitioner Led Architecture for Digital Sovereignty

The Virtual Asset Service Providers’ Association, known as VASPA, has introduced a comprehensive strategic framework titled Project Green-White-Green to stabilize Nigeria’s volatile digital asset landscape. This initiative is positioned as a multi-billion dollar roadmap aimed at funneling an estimated $92.1 billion in annual virtual asset volume into the nation’s formal financial structures. According to Franklin Peters, Executive Chair of VASPA and CEO of Boundlesspay, the project represents a shift from passive observation to active architectural design of the digital economy. The framework is specifically engineered to resolve the liquidity chaos that has previously characterized the sector, providing a structured path for both indigenous startups and international investors to operate within legal boundaries.

Resolving Inter Agency Friction and Regulatory Paradoxes

One of the primary structural hurdles addressed by the project is the fragmented oversight that often leaves digital operators in a state of regulatory limbo. Currently, startups frequently find themselves caught in a loop between the Securities and Exchange Commission, the Central Bank of Nigeria, and the Corporate Affairs Commission. Project Green-White-Green proposes a streamlined superhighway for compliance, specifically addressing the paradox where businesses cannot incorporate without a SEC license, yet cannot obtain a license without incorporation. By harmonizing these requirements, the framework seeks to foster a legal environment where Web3 innovation can flourish without the administrative bottlenecks that have historically stifled growth.

Automated Taxation and the Path to Fiscal Sovereignty

As the Federal Government pursues its objective of a $1 trillion economy by 2030, VASPA has identified virtual assets as a primary engine for untapped revenue. Data cited in the whitepaper reveals that between July 2024 and June 2025, Nigerians conducted over $92 billion in transactions, the majority of which yielded zero tax revenue due to infrastructure gaps. To remedy this, the project advocates for Pillar III: Fiscal Sovereignty, which introduces an API driven interface to automate Value Added Tax and Capital Gains Tax at the point of transaction. This zero friction system is designed to transform a previously unmonitored grey mark...