SEC proposes N30m fees, N2bn capital for crypto firms, mandates ARIP
SEC proposes N30 million registration fee and N2 billion minimum capital for digital asset exchanges and custodians under its new crypto framework. Digital asset platform operators, offering platforms and real‑world asset tokenisation platforms would each need N500 million capital, while VASPs require N200 million. In addition to the N30m fee, applicants pay a N100,000 processing fee and a N300,000 application fee; those using the Accelerated Regulatory Incubation Programme (ARIP) also pay a N200,000 initial assessment fee and a N2m ARIP application fee. Supervisory fees are set at 0.015% of adjusted turnover for DAXs under ARIP and 0.0075% for other ARIP entities, rising to 0.025% and 0.015% after full registration. The rules make local incorporation, a Nigerian office and a resident CEO or MD mandatory, and require compliance with the Nigerian Code of Corporate Governance. The SEC says no digital asset activity targeting Nigerians may proceed without its approval. Except as otherwise approved by the Commission, an entity seeking registration must apply through ARIP, which serves as a pre‑registration assessment and supervisory framework. The framework builds on President Tinubu’s Presidential Executive Order on Virtual Assets Coordination (2026) and the NRS’s recent virtual‑asset tax guidelines. CBN’s regulatory sandbox second cohort opened on August 12, 2026 and closes August 31, 2026, offering a VASP track for supervised live testing. Will crypto operators raise the N30m fee and meet the steep capital thresholds, or opt for the CBN sandbox before the August 31 deadline?