Nigeria Proposes Tougher Rules for Crypto Businesses Targeting Nigerians

Nigeria's Securities and Exchange Commission (SEC) has proposed tougher rules for crypto businesses that serve Nigerians. The draft requires local incorporation, a registered office, and a resident top executive for operators targeting Nigerian users.

The proposal sets different minimum-capital thresholds for various types of operators, with digital-asset exchanges and custodians needing at least ₦2 billion. Digital-asset platform operators and real-world asset tokenization platforms would need ₦500 million, while virtual-asset service providers would require ₦200 million.

The draft also includes a registration fee of ₦30 million for relevant platform operators. The SEC's goal is to make crypto businesses more accountable by requiring them to have a local presence and meet higher financial requirements before operating in Nigeria or targeting users here.