SEC · CryptoSlate
Local’s access to global crypto services could end under Nigeria’s proposed capital floor
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
Nigeria’s Securities and Exchange Commission has proposed rules that would bring crypto businesses into its licensing perimeter when they operate in Nigeria, serve Nigerian residents, or target the country’s investors and market through digital channels.
Key facts
- Crypto-backed stablecoins would start at 150%, with Schedule II setting a 150% to 200% collateral range based on volatility, liquidity, concentration, and collateral quality
- Digital Asset Platforms, Digital Asset Offering Platforms, and Real World Asset Tokenization Offering Platforms are listed at ₦500 million capital with the same fee
- The regulator published the proposal on Aug. 20 and opened comments for two weeks, putting the calendar deadline on Sept. 3
- The ₦2 billion threshold would not apply to every license class
Summary
01 Nigeria’s SEC would regulate offshore crypto platforms that serve residents or target local investors. 02 Exchanges and custodians face ₦2 billion minimum capital, while custodians must keep 80% of assets in cold storage. 03 Comments are due Sept. 3, but the SEC proposal does not state a cutoff time or time zone. The regulator published the proposal on Aug. 20 and opened comments for two weeks, putting the calendar deadline on Sept. 3.