Virtual Asset Association launches Project Green-White-Green to unlock Nigeria’s $1 trillion economy

The Virtual Asset Service Providers Association (VASPA) has unveiled Project Green-White-Green, a policy and technical roadmap designed to reposition the country’s digital asset sector and align it with the Federal Government’s ambition of building a $1 trillion economy by 2030.

Named after the national colours to signify innovation (green), integrity (white), and prosperity (green), the initiative seeks to move Nigeria away from what industry players often describe as “regulation by enforcement” and towards a more structured, collaborative, and globally competitive framework for blockchain and virtual asset innovation. 

The project outlines reforms aimed at resolving long-standing tensions between operators and regulators.

For years, the sector has operated in regulatory uncertainty, marked by shifting directives and compliance ambiguity. VASPA’s proposal calls for clearer licensing pathways, defined supervisory structures and coordinated oversight to reduce friction and restore investor confidence.

Buki Ogunsakin, Vice Chair, Programs and Communications at VASPA, describes the initiative as a “research-backed blueprint” focused on constructive realignment between innovators and the state.

“This is about rebuilding a future where digital innovation happens for Nigeria within enabling frameworks,” she said, adding that the goal is to strengthen competitiveness while safeguarding national sovereignty.

Project Green-White-Green: A ₦500 billion annual opportunity

Beyond regulation, VASPA is positioning the roadmap as a fiscal growth strategy.

According to projections within the framework, formalising the sector and introducing structured tax compliance could generate more than ₦500 billion annually for the Federation Account.

Central to this ambition is the creation of an automated Electronic Fiscal System to enable real-time tax remittances from licensed operators. The association argues that, with proper oversight and incentives, the digital asset industry could evolve from a grey-zone economy into a measurable contributor to national revenue.

Project Green-White-Green also addresses concerns frequently raised by financial authorities.

To stabilise currency markets, the roadmap proposes a “Circuit Breaker” mechanism linked to the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate. The aim is to reduce artificial volatility and mitigate pressure on the naira.

On the security front, VASPA is recommending an “Observer Node” structure for the Nigerian Financial Intelligence Unit (NFIU). This would enable enhanced verification and traceability across licensed platforms, with the broader objective of preventing illicit financial flows and ensuring compliance with global anti-money laundering standards.

Banking access is another key pillar. The proposal includes a VASP Verification Protocol intended to end what operators describe as a systemic “shadow ban” on blockchain businesses seeking integration with traditional financial institutions.

Protecting startups through tiered licensing

Recognising the early-stage nature of many Nigerian blockchain startups, the roadmap advocates a tiered licensing model.

Under this system, indigenous founders would not be subjected to uniform, high capital thresholds that could stifle innovation. Instead, licensing categories would reflect operational scale and risk exposure. VASPA believes this approach would protect local entrepreneurs, encourage technology transfer and create high-skilled jobs for Nigeria’s growing tech workforce.

Stephen Azubuike, Vice Chair, Policy & Regulations of VASPA’s Steering Committee, said a clear regulatory path is essential for sustainable growth.

“For an industry to thrive under a smooth regulatory and economically viable climate, a distinctively clear roadmap is needed,” he said, noting that the project offers a structured path towards a stronger digital asset economy.

Favour Uche, Assistant Policy & Regulations Lead, added that the initiative represents a shift towards collaboration rather than confrontation.

What happens next?

VASPA has begun circulating a draft whitepaper of Project Green-White-Green among industry stakeholders for review.

Following consultations, the final roadmap will be presented to key regulators, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission Nigeria (SEC), the Nigeria Revenue Service and the NFIU, alongside the Presidency and other agencies.

The association is also proposing a “Safe Harbour” pilot framework that would allow compliant operators to innovate within defined regulatory guardrails while broader reforms are being implemented.

If adopted, Project Green-White-Green could mark the most coordinated public-private attempt yet to formalise Nigeria’s vast but fragmented digital asset market.

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