Nigeria Proposes Sharp Increase in Crypto Exchange Fees Amid Regulatory Overhaul

Nigeria's financial regulatory body, the Securities and Exchange Commission (SEC), has put forth a proposal to substantially increase the registration fees for cryptocurrency exchanges within the country. This proposed revision would escalate the fee from its current rate of 30 million naira (around $18,620) to 150 million naira ($93,000), marking a significant uptick as part of an effort to strengthen the oversight of digital asset service providers.



In a move towards creating a more transparent and well-defined regulatory landscape for cryptocurrency services, the SEC is looking to incorporate insights from industry participants. This initiative follows recent consultations with the Central Bank of Nigeria (CBN).



Originally, the Nigerian SEC laid out its rules and guidelines for entities dealing with crypto and digital assets


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