VASPA Unveils $92bn Digital Project to Anchor Crypto in Nigeria

Oluchi Chibuzor 

The Virtual Asset Service Providers Association (VASPA), a Pan-African industry association, has unveiled a multi-billion dollar digital frontier roadmap designed to integrate an estimated $92.1 billion in annual virtual asset volume into the formal economy. 

In a statement, the Executive Chair of VASPA and CEO/Founder of Boundlesspay, Franklin Peters, said that they are no longer waiting for the future of finance to happen to Nigeria.

According to him, “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 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. As the Federal Government pursues an ambitious goal of a $1 trillion economy by 2030, the question of where will the revenue come from?

“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.”

Speaking on the architect’s development of the framework, Project Manager for Project Green-White-Green and Star Associate at Infusion Lawyers, Favour Uche, said the initiative was not just an industry wish-list, but an exercise in deep technical and legal alignment.

According to him, “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.

“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 localize operations, pay taxes, and partner with indigenous firms to upskill Nigerian talent.”

Peters further explained that the whitepaper aims to end the fragmented oversight that sees operators bouncing between the SEC, CBN, and CAC. 

“By resolving the chicken-and-egg paradox—where the CAC won’t incorporate a business without a SEC license, and the SEC won’t license without incorporation—the project clears the path for indigenous Web3 startups to flourish legally,” he said.