The Securities and Exchange Commission (SEC) of Nigeria has put forward a proposal to amend the rules governing platforms offering crypto services, suggesting a substantial increase in registration fees for crypto exchanges. The proposed amendment includes raising the registration fee from 30 million naira to 150 million naira, among other adjustments.
These proposed changes, aimed at providing clarity and incorporating feedback from industry stakeholders and engagements with the Central Bank of Nigeria, reflect a significant shift in the regulatory landscape for crypto businesses in the country. The amendments also include renaming the rules to encompass a broader scope of digital asset activities.
While the SEC attributes the adjustments to stakeholder input, concerns have been raised regarding the steep capital requirement, which could potentially favor foreign entities over local firms. This move comes amidst Nigeria’s growing prominence in the global crypto economy and its struggle with economic challenges, including record-high inflation.
The proposed amendments signal a proactive approach by Nigerian regulators to address the evolving dynamics of the crypto market within the country. However, the potential impact on local businesses and the broader crypto ecosystem remains a subject of debate, highlighting the need for careful consideration and balanced regulation in fostering a conducive environment for innovation and investment.
