Nigeria’s SEC-Crypto License
In March 2024, there was a proposed major amendment to the Commission’s rules on issuance, offering platforms and custody of digital assets. This proposed amendment required virtual asset service providers (VASPs) to raise two times the minimum paid-up capital required in the previous rules. This paid-up capital comprises funds in banks, fixed assets, or investments in quoted securities. The proposed amendment also included an increase in the filing, processing, registration, and sponsored individual fees. The increase was generally 300% for the filing, processing, and sponsored individual fees and 500% for the registration fees. VASPs were also required to submit more documents for the crypto license.
