VASPA Unveils $92bn Digital Project to Anchor Crypto in Nigeria
Summarized and contextualized by DistantNews.
TLDR
- VASPA, a Pan-African industry association, has launched 'Project Green-White-Green,' a roadmap to integrate $92.1 billion in annual virtual asset volume into Nigeria's formal economy.
- The project aims to address the lack of infrastructure that has resulted in significant untaxed virtual asset transactions, estimated at over $92 billion between July 2024 and June 2025.
- Project Green-White-Green includes a 24-month sovereign integration roadmap to bring global crypto exchanges into Nigeria, requiring them to localize operations, pay taxes, and partner with local firms.
ThisDay highlights a groundbreaking initiative by the Virtual Asset Service Providers Association (VASPA) aimed at harnessing Nigeria's burgeoning virtual asset sector for economic growth.
We are no longer waiting for the future of finance to happen to Nigeria. We are architecting it.
The launch of 'Project Green-White-Green' signifies a proactive approach by VASPA to integrate an estimated $92.1 billion in annual virtual asset transactions into the formal Nigerian economy. Franklin Peters, Executive Chair of VASPA, emphasizes that Nigeria is not passively waiting for the future of finance but is actively architecting it. This practitioner-led project is positioned as the definitive roadmap for operators and investors seeking a stake in the nation's digital economy over the next decade.
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.
The whitepaper underpinning Project Green-White-Green reveals a critical issue: the substantial volume of virtual asset transactions, exceeding $92 billion in a single year (July 2024-June 2025), has generated virtually zero tax revenue due to inadequate infrastructure. This initiative directly addresses this gap, aligning with the Federal Government's ambitious goal of achieving a $1 trillion economy by 2030 by identifying new revenue streams.
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.
Favour Uche, Project Manager for Project Green-White-Green, detailed the meticulous legal, technical, and economic engineering behind the framework. The project is designed not just to aggregate industry feedback but to ensure alignment with national interests. A key component is the 24-Month Sovereign Integration Roadmap, which aims to bring global offshore exchanges into Nigeria as digital residents. This will necessitate localization of operations, tax payments, and partnerships with indigenous firms to foster local talent development. VASPA's initiative also seeks to resolve regulatory fragmentation, where operators currently face a confusing oversight from the SEC, CBN, and CAC, thereby clearing the path for legal growth of indigenous Web3 startups.
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.
DistantNews Editorial
Originally published by ThisDay. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.
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