SEC Proposes N30m Fee, N2b Capital Requirement for Digital Asset Providers

The Securities and Exchange Commission (SEC) in Nigeria has proposed new rules for digital asset providers operating in the country. The commission seeks to introduce a registration fee of N30 million for operators, including digital asset exchanges, custodians, platform operators, and real-world asset tokenisation platforms.

Under the framework, these entities would also require minimum capital ranging from N200 million to N2 billion, depending on their type. Virtual asset service providers (VASPs) would have a minimum capital requirement of N200 million.

The SEC has also proposed ongoing supervisory charges linked to the turnover of regulated entities, with fees ranging from 0.0075 percent to 0.025 percent of adjusted turnover. Additionally, retail investors' participation in digital asset offerings is capped at N1 million per issuer and N10 million within a 12-month period.