Nigerian Lawmakers Urge SEC to Ease Entry Barrier for Crypto Firms

The Nigerian House of Representatives' ad hoc committee on economic regulation and the security implications of cryptocurrency adoption has called on the Securities and Exchange Commission (SEC) to review the current ₦1 billion minimum capital requirement imposed on virtual asset service providers (VASPs). The committee, led by Hon.

Olufemi Bamisil, argued that the existing capital threshold hinders genuine investors and stifles the growth of the digital economy. Lawmakers emphasized the need for a more inclusive and scalable regulatory model to foster innovation and market integration.

Additionally, the Economic and Financial Crimes Commission (EFCC) disclosed its efforts to combat digital asset-related criminal activities by maintaining dedicated digital wallets across its offices.