SEC Proposes N2bn Capital, N30m Fee For Crypto Firms

The Securities and Exchange Commission (SEC) has proposed a new regulatory framework for Nigeria’s digital asset industry, prescribing registration fees of N30 million and minimum capital requirements of up to N2 billion for operators in the rapidly expanding market.

Under the proposed Rules on Digital and Virtual Asset Operations, Custody and Markets, Digital Asset Exchanges (DAXs), Digital Asset Custodians (DACs), Digital Asset Platform Operators (DAPOs), Digital Asset Offering Platforms (DAOPs) and Real World Asset Tokenisation Platforms (RATOPs) would each be required to pay a registration fee of N30 million.

The proposed rules also impose significantly higher minimum capital requirements on operators as the commission moves to strengthen prudential safeguards and establish clearer operational standards for businesses participating in the country’s digital asset ecosystem.

Under the framework, DAXs and DACs would each be required to maintain a minimum capital of N2 billion, while DAPOs, DAOPs and RATOPs would have a minimum capital requirement of N500 million each. Virtual Asset Service Providers (VASPs) would be required to maintain minimum capital of N200 million.

The latest move by the SEC forms part of the federal government’s broader effort to establish a coordinated regulatory regime for the digital asset market, following recent measures covering virtual assets and their taxation.