Nigeria's SEC Proposes Rules Requiring Crypto Firms to Store 80% of Client Assets Offline
Nigeria's Securities and Exchange Commission has released draft rules that would push digital asset firms to keep most customer funds in cold storage and report incidents quickly.
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Nigeria's Securities and Exchange Commission (SEC) has proposed a set of rules that would require cryptocurrency exchanges and other digital asset companies to hold a large share of customer holdings offline, according to TechCabal.
Under the draft framework, released on August 20, firms would need to store 80% of customer assets in offline storage. The proposals also require companies to keep customer funds separate from their own, tighten how they safeguard cryptocurrencies, and report serious losses, cyber incidents, and other significant operational failures to the regulator.
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