On September 27, 2024, the Securities and Exchange Commission (SEC) released an Exposure Draft of Amendments to its rules on Digital Assets Issuance, Offering Platforms, Exchanges, and Custody. These changes, set to take effect on June 30, 2025, aim to establish a clear regulatory framework for Nigeria’s digital and virtual assets market.
Key updates include:
1. Higher fees and capital requirements for market participants
2. Recognition of a new Virtual Asset Service Provider (VASP) category
3. Stronger investor protection measures
This draft signals a major shift in Nigeria’s digital asset space, reshaping how businesses operate. In this article, we break down the key amendments and their potential impact on companies in the sector.
Read the full analysis below.
