Nigeria’s Securities and Exchange Commission (SEC) has proposed a new regulatory framework that would introduce a ₦30 million registration fee for several categories of digital-asset businesses and impose additional operational and supervisory requirements on firms serving the Nigerian market.
The proposed Rules on Digital and Virtual Asset Operations, Custody and Markets, published on August 20, 2026, seek to establish a bigger framework covering digital-asset issuance, tokenisation, trading, custody, transfers, settlement and related investment services.
The proposal applies to businesses operating in Nigeria, providing services to Nigerian residents or targeting Nigerian investors and the Nigerian market through digital channels.
Under the proposed rules, 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 pay a ₦30 million registration fee.
The SEC also proposes different minimum capital requirements depending on the type of operator. DAXs and DACs would be required to maintain ₦2 billion in minimum capital, while DAPOs, DAOPs and RATOPs would require ₦500 million each. Virtual Asset Service Providers (VASPs) would face a ₦200 million minimum capital requirement.
₦2bn threshold predates latest proposal
The proposed ₦2 billion capital requirement for exchanges should not be treated as a new threshold introduced by the August rules.
The SEC had already increased the minimum capital requirement for digital asset exchanges from ₦500 million to ₦2 billion in January 2026. Affected firms were given until June 30, 2027, to comply with the requirement.
The latest proposal instead broadens the regulatory framework around that existing requirement, introducing new fees and capital thresholds for other categories of digital-asset businesses.
Beyond the ₦30 million registration fee, applicants would also pay a ₦100,000 processing fee and a ₦300,000 application fee.
Firms entering the SEC’s Accelerated Regulatory Incubation Programme (ARIP) would face a ₦200,000 initial assessment fee and a ₦2 million application fee.
SEC proposes stricter operating requirements
The proposed framework would also require regulated entities to maintain a fidelity insurance bond covering at least 25% of their minimum paid-up capital.
The SEC is further proposing ongoing supervisory charges based on the turnover of regulated entities.
Under ARIP, a digital asset exchange would pay 0.015% of adjusted turnover, while other entities would pay 0.0075%. After full registration, the rates would increase to 0.025% for DAXs and 0.015% for other regulated entities.
The rules would also require entities seeking registration to be incorporated in Nigeria, unless otherwise approved by the SEC, maintain a registered office in the country and have their chief executive officer, managing director or equivalent principal officer resident in Nigeria.
The SEC states that no person would be permitted to conduct digital or virtual asset business in Nigeria, or target Nigerian residents, without being registered, approved or authorised by the commission.
Foreign stablecoin issuers seeking recognition in Nigeria would also need to appoint or maintain a local representative, demonstrate authorisation in an acceptable foreign jurisdiction and comply with any Nigeria-specific reserve, liquidity and redemption-support requirements imposed by the SEC.
Retail investors could face investment limits
The proposed framework also introduces specific limits for retail investors participating in digital-asset offerings.
Under the proposal, a retail investor would not be allowed to invest more than ₦1 million in a single issuer or more than ₦10 million across digital-asset offerings within 12 months.
Where a retail investor wants to invest above ₦1 million or 5% of their net worth, whichever is higher, the relevant Digital Asset Offering Platform would have to provide additional safeguards.
These include prominent risk warnings, express investor consent, confirmation that the investor understands the risks and an assessment of the investor’s knowledge, experience and financial ability to absorb losses.
The proposal would also require platforms to establish systems for monitoring investment limits and tracking investments across their platforms.
Certain institutional, qualified and high-net-worth investors may be exempt from the proposed limits.
SEC opens rules for public comments
The proposed framework is part of Nigeria’s broader plans to bring the digital-asset sector under a more defined regulatory structure.
The SEC’s proposal follows other recent government measures covering virtual assets, including the 2026 Virtual Assets Coordination Executive Order and new tax guidelines for virtual-asset activities.
The SEC has not yet finalised the proposed rules. The commission is inviting stakeholders to submit comments to its Rules Committee within two weeks of the August 20 exposure date.
If adopted, the framework would expand the regulatory obligations on digital-asset businesses operating in or targeting Nigeria, while giving the SEC a more comprehensive framework for supervising exchanges, custodians, tokenisation platforms, offering platforms, and other market participants.
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