Pan-African industry association, the Virtual Asset Service Providers Association, VASPA, has concluded plans to integrate an estimated $92.1 billion in annual virtual asset volume into the country’s formal economy.
VASPA said to achieve this, it will bridge the gap between the chaotic liquidity of global digital assets and the structured requirements of the country through Project Green-White-Green, a comprehensive whitepaper.
According to the association, instead of trying to shut down markets, an effort that often only drives them deeper underground, the framework proposes linking trading spreads to official NAFEM rates.
This coordinated superhighway, according to them, aims to end the fragmented oversight that sees operators bouncing between the SEC, CBN, and CAC.
Speaking on the development, Executive Chair of VASPA and CEO/Founder of Boundlesspay, Franklin Peters, said: “We are no longer waiting for the future of finance to happen to Nigeria; we are architecting it. 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 developed for other key African markets as well. This is because the regulatory landscape is fundamentally shifting. Those who align with this framework will lead what we consider Nigeria’s most massive growth phase.”
Also speaking, Project Manager for Project Green-White-Green and Star Associate at Infusion Lawyers, Favour Uche, said: “This whitepaper is the culmination of meticulous legal, technical, and economic engineering. We didn’t just compile industry feedback, but articulated and aggregated it into the proposed frameworks, 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.”
Meanwhile, as the Federal Government pursues an ambitious goal of a $1 trillion economy by 2030, the question of “where will the revenue come from?” looms large.
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.
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.
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