Nigeria’s SEC Proposes 400% Registration Fee Increase for Crypto Firms

cryptonews.com:

Nigeria’s Securities and Exchange Commission (SEC) amended the regulatory framework governing platforms offering cryptocurrency services on Friday, suggesting increased registration fees for crypto exchanges.

Nigeria’s securities regulatory body is looking to increase registration fees for cryptocurrency firms by 400%, signaling a tightening stance on the sector. 

As per the SEC’s notice, the proposed adjustments to the regulatory framework governing crypto issuers, exchanges, and custody platforms encompass substantial increases across all supervision fees.

According to the updated guidelines, digital asset exchanges, offering platforms, and custodians will face a major increase in application fees, rising from 100,000 Naira ($62) to 300,000 Naira ($186).

Additionally, the processing fee is proposed to rise from 300,000 Naira ($186) to 1 million Naira ($620), and the registration fee is set to spike by 400%, from 30 million Naira ($18,620) to 150 million Naira ($93,102).

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