Ray Youssef, former Paxful co-founder, remains optimistic about Nigeria’s chance of maintaining its position in the ecosystem despite the recent regulation challenges.
Many venture capitalists perceive potential in Nigeria following the suggested increased crypto registration fees. However, the services they can provide may struggle to gain momentum due to government restrictions on peer-to-peer (P2P) platforms aimed at curbing free market promotion, according to Youssef, CEO of Noones, a financial communication and P2P app.
This comes after a report of Nigeria’s Securities and Exchange Commission (SEC) proposing an amendment to the rules guiding platforms offering crypto services, suggesting a hike in the registration fee for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000).
Speaking with Cointelegraph, Youssef said the increase is an invitation for the crypto ‘big boys’ only like Coinbase and other companies, to operate in the Nigerian market. He emphasized that the government aims to restrict P2P services to address FX challenges, and exchanges willing to forgo P2P support may operate smoothly in Nigeria.
