SEC sets N30m registration fee, N2bn capital for crypto firms

The Securities and Exchange Commission (SEC) has proposed a new registration fee of N30 million for digital asset operators, with minimum capital requirements reaching up to N2 billion. The rules apply to exchanges, custodians, platforms, offering platforms and tokenisation platforms under the proposed Rules on Digital and Virtual Asset Operations, Custody and Markets.

Fees and capital requirements

Digital Asset Exchanges (DAXs) and Digital Asset Custodians (DACs) will each need minimum capital of N2 billion. Digital Asset Platform Operators (DAPOs), Digital Asset Offering Platforms (DAOPs) and Real World Asset Tokenisation Platforms (RATOPs) will require N500 million each. Virtual Asset Service Providers (VASPs) will need N200 million.

Beyond the N30 million registration fee, applicants will pay a N100,000 processing fee and a N300,000 application fee. Entities seeking to enter the SEC's Accelerated Regulatory Incubation Programme (ARIP) will pay a N200,000 initial assessment fee and a N2 million ARIP application fee.

The SEC also proposes that regulated entities maintain a fidelity insurance bond covering at least 25% of their minimum paid-up capital.

Supervisory charges and local presence

Ongoing supervisory fees will be linked to turnover. A DAX under ARIP will pay 0.015% of adjusted turnover, while other ARIP entities pay 0.0075%. After full registration, DAXs pay 0.025% and other regulated entities pay 0.015%.

Any entity seeking registration must be incorporated in Nigeria, maintain a registered office, and have its CEO, Managing Director or equivalent principal officer resident in Nigeria. The SEC stated: “No person shall conduct any digital or virtual asset business, service, function or activity in Nigeria, or targeted at persons resident in Nigeria, unless registered, approved or authorised by the Commission in accordance with these Rules.”

Entities must also comply with the Nigerian Code of Corporate Governance and other applicable governance standards. Foreign stablecoin issuers must appoint a local representative, show authorisation in an acceptable foreign jurisdiction, and meet Nigeria-specific reserve, liquidity and redemption-support conditions.

All companies seeking to operate in Nigeria's crypto market must apply through ARIP. The SEC stated: “Except as otherwise approved by the Commission, an entity seeking registration under these Rules shall apply through the which shall serve as a pre-registration assessment and supervisory framework.”

Recent regulatory moves

The framework follows a string of policy actions. Last month, President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026. Weeks later, the Nigeria Revenue Service (NRS) released Guidelines on the Taxation of Virtual Assets.

The SEC has also cleared three additional VASPs for admission into ARIP, bringing the number of crypto firms in the regulatory sandbox to 14. In a separate move, the Central Bank of Nigeria (CBN) opened applications for the second cohort of its Regulatory Sandbox Programme, with dedicated tracks for virtual asset service providers and data-enabled financial services. Applications opened on August 12, 2026 and close on August 31, 2026, according to Hakama Sidi Ali, Acting Director, Corporate Communications and Investor Relations Department at the CBN.

For Nigerian crypto businesses, the new rules mean higher entry costs and stricter oversight. The SEC's push for local incorporation and resident principal officers also signals a tougher compliance environment for foreign operators targeting Nigerian users.