SEC Proposes New Rules for Crypto Firms in Nigeria: What You Need to Know

SEC Proposes New Rules for Crypto Firms in Nigeria: What You Need to Know

Nigeria’s Securities and Exchange Commission (SEC) is proposing stricter requirements for companies operating in the country’s digital-asset industry, including higher registration fees and significantly larger minimum capital requirements.

The proposed Rules on Digital and Virtual Asset Operations, Custody and Markets, published on August 20, 2026, are currently open for public comments. This means the proposed requirements are not yet final.

Under the proposed framework, several categories of digital-asset businesses would pay a ₦30 million registration fee. These include 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).

The proposed capital requirements are even more significant.

Digital Asset Exchanges and Digital Asset Custodians would need a minimum capital of ₦2 billion, while DAPOs, DAOPs and RATOPs would require ₦500 million. Virtual Asset Service Providers (VASPs) would have a proposed minimum capital requirement of ₦200 million.

The SEC is also proposing additional application and processing fees, insurance requirements and ongoing supervisory charges linked to the turnover of regulated businesses.

Why does this matter?

The proposal signals a shift toward a more structured regulatory environment for Nigeria’s growing digital-asset industry.

The framework would cover activities including crypto trading, custody, tokenisation, digital-asset offerings, transfers, settlement and related investment services.

It could also affect foreign companies that provide services to Nigerian residents or actively target Nigerian investors through digital channels.

For smaller startups, however, the proposed requirements could create a much higher barrier to entry. Companies seeking to operate exchanges or custodial services, for example, would need substantial financial resources before entering the regulated market.

For larger and established businesses, stronger requirements could potentially create a more predictable environment and increase confidence among investors and institutions.

What does it mean for crypto users?

The proposal also places greater emphasis on investor protection.

The SEC is proposing limits on how much retail investors can participate in digital-asset offerings, including a proposed ₦1 million limit per issuer and ₦10 million aggregate limit within a 12-month period, subject to the conditions contained in the draft rules.

The broader objective appears to be creating stronger safeguards around how Nigerians participate in the digital-asset market.

What happens next?

The most important point is that these requirements are still proposals.

The SEC has opened the framework to stakeholder comments and may make changes before the rules are formally adopted.

Nevertheless, the direction is clear: Nigeria’s digital-asset industry is moving toward a more formal regulatory environment where capital requirements, compliance, consumer protection and operational standards will play a much bigger role.

For the Web3 industry, the question is no longer simply whether crypto will be regulated, but what that regulation will look like and whether it can protect users without limiting innovation.

Do you think the SEC’s proposed requirements will strengthen Nigeria’s crypto industry or make it harder for smaller Web3 businesses to grow?