Nigeria's SEC Proposes Crypto Rules to Regulate Offshore Exchanges

Nigeria's Securities and Exchange Commission (SEC) has proposed rules that would bring crypto businesses under its licensing perimeter when they operate in Nigeria, serve Nigerian residents, or target the country's investors and market through digital channels.

The proposal, published on Aug. 20, combines local-presence requirements with capital, custody, and stablecoin-reserve tests, raising the cost of serving Nigerian users.

A broad scope clause would reach offshore exchanges and platforms based on whom they serve, rather than where the business is incorporated, covering anyone operating in Nigeria or targeting residents.