The Nigerian Securities and Exchange Commission (SEC) has significantly increased the minimum capital requirements for digital asset firms, sparking concerns within the industry. Under the new regulations, digital asset offering platforms must now hold approximately $704,000, while exchanges and custodians are required to maintain $1.4 million in capital. These changes, announced on January 16, represent more than a doubling of previous requirements. Industry experts, including Ophi Rume, have criticized the move as "anti-innovation," warning that it could drive talent out of Nigeria. The Blockchain Industry Coordinating Committee of Nigeria (BICCON) echoed these concerns, arguing that the new thresholds could reduce Nigeria's competitiveness compared to other jurisdictions. While the SEC maintains that the changes are necessary to enhance market resilience and investor protection, critics urge a more balanced approach that aligns with the operational risks and business models of digital asset firms.
Nigeria's SEC Increases Capital Requirements for Crypto Firms, Raising Concerns
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