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Nigerian SEC seeks to raise crypto exchange registration fee

Nigeria’s Securities and Exchange Commission (SEC) has proposed an amendment to the rules guiding platforms offering crypto services, suggesting a hike in the registration fee for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000). The Nigerian SEC first issued rules and guidelines for all crypto and digital asset service providers in May 2022, but on Friday, March 15, 2024, it suggested an amendment to the rules. The SEC stated that these amendments aim to enhance clarity and incorporate input from industry stakeholders. Additionally, they reflect insights gained from recent discussions with the Central Bank of Nigeria.

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