ABUJA, Aug. 21 – Nigeria’s SEC crypto rules could give the securities regulator wider access to transaction and wallet data while bringing more digital asset businesses under its direct supervision.
The proposed rules would require cryptocurrency companies serving Nigerian users to register with the Securities and Exchange Commission (SEC), even if they operate from outside the country. The framework covers exchanges, custodians, virtual asset service providers (VASPs), tokenisation platforms and other digital asset businesses.
The proposal marks a broader approach to crypto regulation in Nigeria, moving beyond the regulatory sandbox to closer supervision of how companies operate, handle customer assets and interact with the wider financial system.
Under the proposed rules, exchanges and digital asset custodians would need minimum capital of ₦2 billion ($1.5 million), while VASPs would require ₦200 million ($148,400).
Digital asset platform operators, including token issuers, digital asset offering platforms and real-world asset tokenisation platforms, would need at least ₦500 million ($371,000) in capital.
However, ancillary virtual asset providers, which provide technology infrastructure to crypto businesses, have been removed from the proposed framework. They previously had a minimum capital requirement of ₦300 million under revised SEC guidelines issued in March.
Registration fees would also apply, with digital asset exchanges paying ₦30 million ($22,270) and VASPs paying ₦15 million ($11,130).
Beyond the financial requirements, the SEC is proposing wider access to information held by crypto companies. Regulated firms could be required to provide electronic or API-based access to operational, transaction, financial, wallet, custody and settlement data.
Crypto businesses would also have to identify and report transactions involving Nigerian residents and cross-border transfers, including wallet addresses, transaction values, timestamps and information about counterparties.
The SEC said it could reject an application if it is not satisfied with an applicant’s ownership, governance, financial position, technology, risk controls, compliance systems or ability to meet the proposed rules.
Exchange operators would face additional requirements, including keeping customer assets separate from company funds. Related-party custody arrangements would also require a separately incorporated and regulated custodian.
The proposed framework also covers newer crypto activities such as staking, lending, yield products, liquidity pools, peer-to-peer and over-the-counter trading, as well as non-custodial wallet services.
The proposal follows the SEC’s recent efforts to bring more virtual asset companies into its Accelerated Regulatory Incubation Programme. Twelve firms have been admitted since July and are on track to receive approvals-in-principle.
Under the proposed framework, such approval would last two years, but would not amount to full registration and would come with limits on operations and increased supervision.
