Nigeria's Securities Exchange Commission (SEC) has proposed an increase in the registration fee for crypto exchanges, from $18,620 (30 million naira) to $93,000 (150 million naira). The SEC cited the need for clarity and input from industry stakeholders, particularly following engagements with the Central Bank of Nigeria (CBN).
The proposed amendment to the rules governing platforms offering crypto services also includes raising the filing/application fee for digital asset exchanges and custodians from $62 (100,000 naira) to $186 (300,000 naira). Additionally, the processing fee would increase from $186 (300,000 naira) to $620 (1 million naira).
The SEC aims to rename the rules and guidelines from "New Rules on Issuance, Offering Platforms and Custody of Digital Assets" to "Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody." These changes are intended to enhance clarity and incorporate feedback from stakeholders.
Critics of the proposed amendments have raised concerns about the high paid-up capital requirement of $310,343 (500 million naira), suggesting that it could favor foreign firms over local entities.
Nigeria has seen significant growth in its crypto economy, becoming the second-biggest crypto adoption market in 2023. However, the country has faced challenges, including record-high inflation, following the abandonment of its currency peg in June 2023. Consumer inflation rose for the 13th consecutive month in January 2024, reaching nearly 30%.
