The Securities and Exchange Commission’s (SEC) draft rules on digital asset operations have been read by operators as a comprehensive rulebook for registration, custody, stablecoins, and exchange conduct. But they have also been read by at least one person building in the space as a filter.
“The capital bar isn’t calibrated to what Nigerian crypto volume actually generates in revenue. It’s calibrated to what the SEC wants the survivors to look like,” one industry player, who requested anonymity to speak freely, told Condia. “That’s a legitimate policy choice, but let’s not pretend it’s not going to shrink the field by half or more.”
The number in question is ₦2 billion, the minimum capital the SEC now requires of any digital asset exchange or digital asset custodian. Platform operators and offering platforms will be required to stump up ₦500 million, while virtual asset service providers have to put up ₦200 million.
This story is for Condia Insiders only.
Keep reading free. Join the community at the forefront of African tech.
Already an Insider? Sign in
Last updated: August 28, 2026
