Nigeria’s crypto startups say SEC’s ₦2bn capital rule is a “disproportionate burden”
- The SEC introduced increased minimum capital requirements for digital asset companies on January 16.
- SiBAN submitted a position paper requesting a review of the new capital thresholds.
- The minimum capital requirement for Digital Asset Exchanges was raised from ₦500 million to ₦2 billion.
The SEC's new capital requirements, while aimed at enhancing market integrity, could inadvertently stifle innovation and limit competition among smaller startups. A more nuanced approach that considers the diverse needs of different market players is essential to foster a healthy ecosystem for digital assets in Nigeria.
