‘It’s prohibitive’ — Reps panel faults SEC’s N1bn capital requirement for crypto firms
[NigerianEye - Nigeria] - 14/10/2025
The house of representatives ad-hoc committee on the economic, regulatory, and security implications of cryptocurrency adoption and point-of-sale (POS) operations has criticised the capital requirement for virtual assets service providers (VASPs), describing it as “too high and prohibitive.” The committee, chaired by Olufemi Bamisile, raised the concern during a technical session with key regulatory and security agencies held on Monday in Abuja. In 2024, the SEC had proposed raising the minimum capital requirement for VASPs to N1 billion – up from N500 million. At the technical session, (…)
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