Under the updated guidelines, digital asset exchanges and custodians must pay an application fee of 300,000 naira ($186), up from the previous 100,000 naira ($62).
Nigeria’s Securities and Exchange Commission (SEC) has proposed 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).
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 [Central Bank of Nigeria].” 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, digital asset offering platforms, and digital asset custodians will be required to pay an application fee of 300,000 naira ($186), up from the previous 100,000 naira ($62).
