Nigerian SEC seeks to raise crypto exchange registration fee
Under the updated guidelines, digital asset exchanges and digital asset custodians must pay a filing/application fee of $186 (300,000 naira), up from the previous $62 (100,000 naira) fee.
Nigeria’s Securities Exchange Commission (SEC) has proposed an amendment to the rules guiding platforms that offer crypto services. The Commission suggested a hike in the registration fee for crypto exchanges from $18,620 (30 million naira) to $93,000 (150 million naira).
In the amendment, the SEC said the proposed changes were made to provide clarity and incorporate suggestions from industry stakeholders, “particularly with regard to the recent engagements with the CBN.” 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.
Under the updated guidelines, digital asset exchanges (DAX), digital asset offering platforms (DAOP), and digital asset custodians (DAC) will be required to pay a filing/application fee of $186 (300,000 naira), up from the previous $62 (100,000 naira) fee.
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