Nigeria's SEC Proposes New Crypto Regulations with Hefty Fees

The Securities and Exchange Commission (SEC) in Nigeria has issued a new framework for regulating digital assets, proposing significant changes to registration fees and capital requirements for crypto firms.

Under the proposed Rules on Digital and Virtual Asset Operations, all digital asset providers would pay a N30 million registration fee. The framework also introduces minimum capital requirements ranging from N200 million to N2 billion, depending on the type of operator.

The SEC has stated that any entity seeking registration must be incorporated in Nigeria, maintain a registered office in the country, and have its Chief Executive Officer or equivalent principal officer resident in Nigeria. The framework also mandates registration under the Accelerated Regulatory Incubation Programme (ARIP) for all companies seeking to operate in the country's crypto market.