SEC Unveils Tougher Rules for Nigeria's Crypto Market

The Securities and Exchange Commission (SEC) has issued new regulations for Nigeria's digital asset market. The proposed Rules on Digital and Virtual Asset Operations set higher registration fees, capital requirements, and supervisory obligations for crypto businesses operating in the country.

Digital Asset Exchanges (DAXs) and Digital Asset Custodians (DACs) must maintain minimum capital of N2 billion each. Other entities such as Digital Asset Platform Operators (DAPOs), Digital Asset Offering Platforms (DAOPs), and Real World Asset Tokenisation Platforms (RATOPs) will require a minimum of N500 million, while Virtual Asset Service Providers (VASPs) face a requirement of N200 million.

The SEC also introduced a uniform registration fee of N30 million for DAXs, DACs, DAPOs, DAOPs, and RATOPs. Applicants will pay additional fees including a N100,000 processing fee and N300,000 application fee. Entities seeking admission under the Accelerated Regulatory Incubation Programme (ARIP) will pay N200,000 for initial assessment and N2 million for ARIP application.