CBN sets N15 billion capital requirement for foreign stablecoin issuers, tightens P2P crypto rules
The Central Bank of Nigeria (CBN) has set a minimum paid-up capital of N15 billion for issuers of foreign currency-backed stablecoins seeking to operate in Nigeria, while introducing stricter approval and identity verification requirements for platform-facilitated peer-to-peer (P2P) cryptocurrency transactions. The requirements are contained in the apex bank’s Regulations for the Operations of…
Nigeria's Security and Exchange Commission (SEC) has issued new regulations requiring cryptocurrency firms to meet a ₦1 billion ($744,000) capital threshold for certain stablecoin services. The Central Bank of Nigeria (CBN) will oversee stablecoins in payment, transfer, FX conversion and settlement roles, while the SEC maintains authority over crypto trading, investments and securities.
The new framework aims to clarify regulatory boundaries for crypto businesses that combine trading and payment services, requiring dual authorization from both regulators for these operations. The CBN's separate capital requirement will apply to additional services, even if a company already meets the SEC's minimum capital threshold.
Not every crypto transaction will require dual approval, with wallets and custody services used solely for trading remaining under SEC jurisdiction. The CBN may use the SEC's existing AML controls when reviewing applications for additional authorization. The regulations could impact how Nigerian crypto exchanges and fintechs develop stablecoin products, particularly in cross-border settlements, merchant payments and FX liquidity.
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