Nigeria's SEC plans to increase registration fees for cryptocurrency exchanges

ChainCatcher news, according to Cointelegraph, the Nigerian Securities and Exchange Commission (SEC) has proposed amendments to the rules governing platforms that provide crypto services. The commission suggested increasing the registration fee for cryptocurrency exchanges from $18,620 (30 million Naira) to $93,000 (1.5 billion Naira). In the amendment, the SEC stated that the proposed changes are intended to provide clarity and incorporate suggestions from industry stakeholders, "especially regarding the recent collaboration with the Central Bank of Nigeria."

Additionally, according to the updated guidelines, Digital Asset Exchanges (DAX), Digital Asset Offering Platforms (DAOP), and Digital Asset Custodians (DAC) will be required to pay an application/application fee of $186 (300,000 Naira), up from the previous fee of $62 (100,000 Naira), and the service fee has also surged from $186 (300,000 Naira) to $620 (1 million Naira), a significant increase.

Another proposed amendment is to rename the rules and guidelines from "New Rules for Digital Asset Issuance, Offering Platforms, and Custody" by removing the word "New." The SEC stated that these amendments aim to enhance clarity and incorporate feedback from industry stakeholders. Furthermore, they reflect insights gained from recent discussions with the Central Bank of Nigeria (CBN).