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Nigeria SEC seeks to increase cryptocurrency exchange registration fees

The Nigerian Securities and Exchange Commission (SEC) has proposed revising the rules for platforms that provide cryptocurrency services. The committee suggests increasing the registration fee for cryptocurrency exchanges from $18,620 (30 million naira) to $93,000 (1.5 billion naira).

In the amendment, SEC stated that the proposed changes are to provide clarity and incorporate input from industry stakeholders, "especially regarding recent collaborations with the CBN." The Nigerian SEC first issued rules and guidelines to all cryptocurrency and digital asset service providers in May 2022, but on Friday, March 15, 2024, it proposed revisions to the rules.

Under the updated guidelines, digital asset exchanges (DAX), digital asset issuance platforms (DAOP), and digital asset custody agencies (DAC) will need to pay an application fee of $186 (300,000 naira), higher than the previous fee of $62 (100,000 naira).

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