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Nigeria‘s Securities and Exchange Commission (SEC) has put forth a significant proposal to escalate supervision fees for cryptocurrency firms, amidst government attributions of recent economic challenges to the crypto industry.
The proposed changes include a staggering 400% surge in registration fees for crypto entities. Previously, an application fee of 100,000 naira ($64) and a registration fee of 30 million naira were standard. However, under the new proposal, the Nigerian SEC aims to increase the application fee to 300,000 naira and impose a registration fee of 150 million naira for crypto firms. These amendments come amid reports of the Nigerian naira depreciating against the dollar and the government pointing fingers at the crypto sector for facilitating illicit capital outflows.
Furthermore, recent actions taken by the government against various crypto firms, particularly the targeting of the exchange platform Binance, have intensified regulatory scrutiny. Two Binance executives have been detained, and substantial penalties against the firm are reportedly under consideration. Additionally, the SEC suggests doubling the minimum paid-up capital requirement for interested crypto service providers to 1 billion naira.
The SEC emphasizes that these proposed revisions aim to provide clarity to the market and incorporate feedback from industry stakeholders, particularly in light of recent engagements with the Central Bank of Nigeria.
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