Nigeria’s SEC Plans to Raise Registration Fee for Crypto Trading Platforms

The Securities and Exchange Commission of Nigeria (SEC) is proposing an amendment to its regulations that govern platforms offering cryptocurrency services. This would result in an increase in the registration fee for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000).

The proposed changes were made to provide clarity and incorporate suggestions from industry stakeholders, particularly from engagements with the Central Bank of Nigeria.

The SEC originally issued the rules and guidelines for all crypto and digital asset service providers in May 2022, but on March 15, 2024, they suggested an amendment to these rules.

The updated guidelines will also require digital asset exchanges, offering platforms, and custodians to pay a higher application and processing fee.

Furthermore, the rules will be renamed from “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” to “Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody.”