Nigeria's SEC Introduces New Rules for Digital Asset Businesses Amid Regulatory Uncertainty

Nigeria's Securities and Exchange Commission (SEC) has introduced new rules for digital asset businesses, effective as of January 16, 2026. The revised minimum-capital framework sets thresholds for various categories, including Digital Assets Exchanges (DAX), Digital Assets Custodians, and Real-World Asset Tokenisation and Offering Platforms.

The SEC has also proposed Rules on Digital and Virtual Assets Operations, Custody, and Markets, which would extend the existing capital regime's reach and add fresh conditions. These include registration requirements for offshore platforms, local incorporation, a registered office, and a Nigeria-resident chief executive.

Additionally, the proposal sets tiered reserve requirements for stablecoin issuers, with naira- and commodity-backed tokens needing at least 100% backing, foreign-currency-backed tokens requiring 120%, and crypto-backed stablecoins starting at 150% scaling up to 200% depending on volatility, liquidity, and collateral quality.

However, the 30-day deadline for President Tinubu's July executive order to produce a Harmonised Implementation Framework has passed without a public document. The CBN's virtual-asset sandbox is live, and the NRS tax policy has already been issued, but the Virtual Assets White Paper remains pending.