The Securities and Exchange Commission of Nigeria increases the registration fee for crypto exchanges from N30 million to N150 million.
Nigeria’s Securities and Exchange Commission (SEC) has suggested a modification to the registration fee for platforms that provide Crypto Exchange services, increasing it from 30 million naira ($18,620) to 150 million naira ($93,000).
The SEC explained that the revisions in the amendment were intended to enhance clarity and integrate feedback from industry stakeholders, especially regarding the recent discussions with the CBN.
In May 2022, the Nigerian Securities and Exchange Commission introduced rules and guidelines for crypto and digital assets service providers. However, on Friday, March 15th, 2024, the SEC put forward a new amendment.
According to the revised regulations, digital asset exchanges, digital asset offering platforms, and digital asset custodians will now need to submit an application fee of 300,000 naira ($186), an increase from the prior 100,000 naira ($62).
The processing fee has significantly increased from 300,000 naira ($186) to 1 million naira ($620). Likewise, the registration fee has seen a substantial rise of 400%, soaring from 30 million naira ($18,620) to 150 million naira ($93,102).
