Nigerian SEC Proposes Hike In Crypto Exchange Registration Fee

The Securities and Exchange Commission (SEC) of Nigeria has put forward a proposal aimed at amending regulations governing platforms offering cryptocurrency services. One of the notable changes includes a substantial hike in the registration fee for crypto exchanges, soaring from 30 million naira ($18,620) to 150 million naira ($93,000). The proposed changes were made to provide clarity and incorporate suggestions from industry stakeholders about the recent engagements with the Central Bank of Nigeria. The digital asset exchanges, digital asset offering platforms, and digital asset custodians will be required to pay an application fee of 300,000 naira ($186), up from the previous 100,000 naira ($62). The processing fee has also surged from 300,000 naira ($186) to 1 million naira ($620