Nigeria SEC Raises Capital Requirements for Digital Asset Firms

According to Foresight News, the Nigerian Securities and Exchange Commission (SEC) has announced new regulations that significantly increase the minimum capital requirements for digital asset exchanges and custodians to 2 billion naira, approximately $1.4 million. This marks a substantial rise from the previous requirement of 500 million naira and surpasses the previously discussed but withdrawn proposal of 1 billion naira. For other categories, the minimum capital requirement for digital asset issuance platforms (DAOP) and real-world asset (RWA) tokenization platforms is set at 1 billion naira. Meanwhile, digital asset intermediaries and related service providers are required to maintain capital ranging from 300 million to 500 million naira. The new regulations stipulate that relevant institutions must comply by June 30, 2027, or they may face suspension or revocation of their licenses.