The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has released an official policy response to the Securities and Exchange Commission’s Circular No. 26-1 of 16 January 2026, which revises the minimum capital requirements for regulated capital market entities, including Virtual Asset Service Providers (VASPs).
The Circular marks a defining moment for Nigeria’s digital asset ecosystem. For the first time, digital asset operators are formally integrated into the capital market’s prudential framework, affirming their systemic relevance and the regulator’s intention to bring the sector fully within its supervisory ambit. This development represents progress in regulatory recognition and clarity for blockchain-based businesses operating in Nigeria.
However, as outlined in the attached statement, BICCoN expresses concern that the revised capital thresholds for digital asset operators; particularly exchanges, custodians, and tokenization platforms: may unintentionally constrain innovation, limit market entry for indigenous startups, and reduce Nigeria’s competitiveness relative to peer jurisdictions. While capital adequacy is essential for consumer protection and market stability, it must be proportionate to operational risk and aligned with the realities of digital asset business models.
BICCoN’s position emphasizes that Nigeria does not require weaker regulation, but smarter, risk-based regulation. A framework that encourages compliance, supports responsible innovation, and fosters regulatory coordination will better serve both investors and the broader economy. The statement also highlights the importance of tiered licensing, affordable entry pathways for local platforms, and transparent regulatory processes that enable long-term industry growth.
This policy response reflects the collective voice of Nigeria’s blockchain and digital asset ecosystem, coordinated through BICCoN as a multi-stakeholder platform for industry engagement with regulators and policymakers.
📄 Read the full BICCoN statement here (attached document)
BICCoN remains committed to constructive dialogue with regulators and stakeholders to ensure Nigeria evolves into a leading, well-regulated, and globally competitive digital asset market.
