Nigeria's SEC has Proposed Raising the Fee for Crypto Firms by 400%
The Nigerian regulator intends to increase the registration fee for crypto firms by 400%. According to the document, the amount of the commission can grow to 150 million Nigerian naira.
The Securities and Exchange Commission of Nigeria has developed new recommendations for cryptocurrency firms. The regulator has proposed to increase the registration fee by 400%.
According to the document, foreign companies that intend to work as a provider of virtual asset services in Nigeria must obtain an appropriate license and open an office in the country. In addition, the CEO or managing director of such a firm must reside in Nigeria.
According to the SEC, cryptocurrency companies used to pay a registration fee of 30 million naira (about $18,600 at the time of writing). The regulator insists on raising it to 150 million naira or $93,000.
The amendment states that the new rules will apply to all platforms offering trading, exchange and transfer of virtual assets. They aim to increase regulatory clarity and take into account the contribution of stakeholders to the development of the industry.
Note that in 2023, the Nigerian naira fell by 55%, according to Bloomberg. The country's foreign exchange reserves are at their lowest level in the last six years. In addition to this, the state is facing record high inflation.
Source: https://incrypted.com/sec-nigerii-predlozhila-podnyat-sbor-dlya-kriptofirm-na-400/
