The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, officially inviting Virtual Asset Service Providers (VASPs), stablecoin startups, and data-driven fintechs to apply. The second cohort of the apex bank’s Regulatory Sandbox Programme presents two main tracks: the Virtual Asset Service Provider (VASP) and the Data-Enabled Financial Services (Non-VASP). The sandbox provides a controlled environment for testing these products under CBN oversight. Why the CBN Regulatory Sandbox matters for StartupsWhen the CBN first launched its Regulatory Sandbox in December 2022, it received over 1,000 applications before closing the window in February 2023. This second cohort is a clear recalibration.