Nigeria’s Securities and Exchange Commission has proposed rules that would bring crypto businesses into its licensing perimeter when they operate in Nigeria, serve Nigerian residents, or target the country’s investors and market through digital channels. The plan would raise the cost of serving Nigerian users by combining local-presence requirements with capital, custody, and stablecoin-reserve tests.

The regulator published the proposal on Aug. 20 and opened comments for two weeks, putting the calendar deadline on Sept. 3. The SEC page does not state a cutoff time or time zone. The measures remain proposals under consultation, not rules already in force.

The scope clause is broad enough to reach offshore exchanges and other platforms…