The Securities and Exchange Commission has proposed a ₦30 million registration fee and minimum capital requirements of up to ₦2 billion for digital asset operators in Nigeria.

The proposals are contained in draft rules on digital and virtual asset operations, custody and markets released on August 20.

Under the framework, digital asset exchanges, custodians, platform operators, offering platforms and real-world asset tokenisation platforms would each pay a ₦30 million registration fee.

Exchanges and custodians would need ₦2 billion in minimum capital, while platform operators, offering platforms and tokenisation platforms would require ₦500 million each.

Virtual asset service providers would need a minimum capital of ₦200 million, in addition to processing and application fees. Regulated entities would also be required to maintain a fidelity insurance bond covering at least 25 per cent of their minimum paid-up capital.

The draft rules place limits on how much retail investors can put into digital asset offerings. A retail investor would not be allowed to invest more than ₦1 million in a single issuer or ₦10 million across offerings within a 12-month period, with extra safeguards for larger commitments.

SEC said no person or company would be allowed to conduct digital or virtual asset business in Nigeria, or target Nigerian residents, without registration or authorisation. Operators would also have to comply with the country’s corporate governance code and other requirements set by the commission.