By Henry Uche
The Virtual Asset Service Providers’ Association (VASPA) has unveiled ‘Project Green-White-Green’, aimed at bridging the gap between the chaotic liquidity of global digital assets and the structured requirements of the Nigerian state.
In a statement, the association affirmed that, “this isn’t just a policy paper; but a multi-billion dollar roadmap designed to integrate an estimated $92.1 billion in annual virtual asset volume into the formal economy.”
In a bid to protect the Naira from restrictions to dynamic alignment, the VASPA Market Integrity pillar proposes a dynamic FX alignment standard. Instead of trying to shut down markets—an effort that often drives them deeper underground—the framework advocates for a ‘coordinated superhighway’ to manage spreads relative to the official Nigerian Autonomous Foreign Exchange Market (NAFEM) rate.
The association explained that this initiative aims to end the fragmented oversight that sees operators bouncing between the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and the Corporate Affairs Commission (CAC). By resolving the ‘chicken-and-egg’ paradox—where the CAC will not incorporate a business without a SEC licence and the SEC will not grant a licence without incorporation—the project clears the path for indigenous ‘Web3’ startups to flourish legally.
The group stressed that for the security-conscious, the white paper flips the script on anonymity. Through mandatory integration with the National Identity Management Commission (NIMC), the framework seeks to ensure every participant is a verified, accountable citizen.
“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/Founder of Boundlesspay.
“One of our country-specific, practitioner-led projects for the constructive realignment of the virtual asset sector, Project Green-White-Green is the definitive roadmap for any serious operator or investor who wants a stake in the next decade of our digital economy.
“While Project Green-White-Green is designed for Nigeria, similar projects will be designed for other key African markets as well. This is because the regulatory landscape is fundamentally shifting. Those who align with this framework will lead in what we consider Nigeria’s most massive growth phase.”
Regarding the $1 trillion ambition and the fiscal opportunity, the association noted that as the Federal Government pursues an ambitious goal of a $1 trillion economy by 2030, the question of where the revenue will come from looms large.
“Project Green-White-Green answers this with Pillar III: Fiscal Sovereignty. The whitepaper reveals that between July 2024 and June 2025 alone, Nigerians conducted over $92 billion in transactions—most of which generated zero tax revenue due to a lack of infrastructure. Now, VASPA has a solution—a zero-friction automated taxation. By proposing an API-driven interface that automates VAT and Capital Gains Tax (CGT) at the point of transaction, the project promises to turn a ‘grey market’ into a sustainable revenue engine for the Federation. To encourage this shift, the project advocates a ‘Clean Slate’ regularisation, removing the fear of retroactive liability for those who operated during previous periods of regulatory ambiguity.”
Meanwhile, the development of this framework was not just an industry wish-list, but an exercise in deep technical and legal alignment.
“This whitepaper is the culmination of meticulous legal, technical, and economic engineering. We didn’t just compile industry feedback, but articulated and aggregated them into the frameworks proposed, ensuring alignment with national interest. We are now fully prepared to take this blueprint to the highest levels of government. The groundwork is officially laid, and the execution phase begins now,” stated Favour Uche, Project Manager for Project Green-White-Green and Star Associate at Infusion Lawyers.
Recognising that one cannot change an entire industry overnight, VASPA proposed a ‘Safe Harbour Pilot’. This acts as a non-punitive, protected window where operators can transition into full compliance under the watchful eye of regulators without the threat of immediate penalties.
This pilot includes a 24-month Sovereign Integration Roadmap, specifically designed to bring global offshore exchanges into the fold as ‘Digital Residents’, eventually requiring them to localise operations, pay taxes, and partner with indigenous firms to upskill Nigerian talent.
The bottom line, they posited, was that with the successful exit from the FATF Grey List in October 2025, Nigeria has already proven its commitment to global financial standards.
“Project Green-White-Green is the next logical step—a sophisticated, ‘made-in-Nigeria’ response to the global crypto phenomenon. As the document moves toward high-level engagements with the CBN, SEC, NFIU, FIRS, EFCC, ONSA, and the Presidency in Abuja, the message to the industry and the government is clear: The digital economy is no longer a peripheral experiment. It is a sovereign priority,” they added.
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