What happened: Nigeria's Securities and Exchange Commission (SEC) has rolled out a sweeping new regulatory framework for the country's digital asset market. Under the proposed rules, Digital Asset Exchanges and Custodians must maintain a hefty minimum capital of N2 billion. Other platforms face requirements ranging from N200 million to N500 million, alongside steeper registration fees, application costs, and turnover-based supervisory charges.
Why it matters: This move significantly raises the financial barrier to entry for crypto businesses in Nigeria. While it aims to clean up and tightly oversee the rapidly expanding market, these hefty capital requirements could squeeze out smaller startups and concentrate the market only on well-funded players.
