The Securities and Exchange Commission (SEC) of Nigeria is proposing amendments to crypto service platform regulations, including substantial fee increases.
The registration fee for crypto exchanges would rise from 30 million nairas ($18,620) to 150 million nairas ($93,000), while the application fee for digital asset exchanges, offering platforms, and custodians would increase from 100,000 nairas ($62) to 300,000 nairas ($186).
Processing fees would also escalate from 300,000 naira ($186) to 1 million naira ($620). These adjustments reflect a 400% increase in registration fees and aim to align with evolving market dynamics and regulatory standards.
Additionally, the proposed amendments involve renaming the regulations to encompass digital asset issuance, offering platforms, exchange, and custody. The SEC emphasizes that these changes are driven by a desire to enhance clarity and responsiveness to feedback from industry stakeholders, including discussions with the Central Bank of Nigeria.
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