Nigerian SEC significantly raises capital threshold for digital asset platforms to 2 billion naira
Foresight News reported, citing TechCabal, that the Nigerian Securities and Exchange Commission (SEC) has issued new regulations raising the minimum capital requirement for digital asset exchanges and custodians to 2 billion naira (approximately $1.4 million), a significant increase from the previous 500 million naira and higher than the previously discussed but withdrawn 1 billion naira proposal. For other categories, the minimum capital requirement for Digital Asset Offering Platforms (DAOP) and RWA tokenization platforms is set at 1 billion naira, while digital asset intermediaries and related service providers are required to have between 300 million and 500 million naira. The new regulations require relevant institutions to meet these standards by June 30, 2027, or they may face suspension or revocation of their licenses.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Lucid (LCID.US) stock price surged over 12%! CEO announces completion of restructuring advisor collaboration, roadmap to profitability emerges
The CEO of Lucid Group Inc. stated that the electric vehicle manufacturer has completed its collaboration with a restructuring advisory team, indicating that the troubled company now has a clearer path to turn around its operations.
Gundlach Warns Next Recession Could Trigger Treasury Debt Crisis
Australian Dollar finds a floor as Oil retreat loosens USD’s grip
US 30-year mortgage rates soar to 7%! Real estate market woes intensify
According to Mortgage News Daily, the average 30-year fixed mortgage rate in the United States rose sharply to 7.24% on September 16, up 27 basis points from 6.97% a week earlier. On September 17, the rate slightly eased to 7.19%, but still remained significantly above the 7% threshold. Currently, existing homeowners in the U.S. face the dilemma of "losing their low-interest loans if they sell", leading to weak willingness to sell, high property prices, and a worsening housing market situation.
