% 0.53
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Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
$ 64.256
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Nigerian SEC Plans 400% Hike in Crypto Exchange Fees

Crypto War In Nigeria

The Securities and Exchange Commission (SEC) of Nigeria has proposed amendments to the regulations governing platforms providing crypto services, including a substantial increase in registration fees for crypto exchanges. Under the proposed changes, the registration fee for crypto exchanges would rise from 30 million naira ($18,620) to 150 million naira ($93,000).

The SEC cited the need for clarity and integration of feedback from industry stakeholders, particularly in light of recent engagements with the Central Bank of Nigeria (CBN), as the basis for the proposed amendments. Originally issued in May 2022, the rules and guidelines for crypto and digital asset service providers are now under review, with amendments proposed on March 15, 2024.

As per the updated guidelines, digital asset exchanges, offering platforms, and custodians will face an increased application fee of 300,000 naira ($186), up from the previous 100,000 naira ($62). Additionally, the processing fee has surged from 300,000 naira ($186) to 1 million naira ($620), and the registration fee has spiked by 400%, from 30 million naira ($18,620) to 150 million naira ($93,102).

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READ:  Nigeria Approves of Crypto Exchange Tax Hiking

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