Nigeria’s Securities and Exchange Commission (SEC) has proposed a significant 400% increase in registration fees for cryptocurrency firms, signalling a tightening stance on the sector. The proposed changes, aimed at crypto issuers, exchanges, and custody platforms, include hikes in all supervision fees.
Under the new proposal, the application fee would increase from 100,000 naira ($64) to 300,000 naira, and the registration fee would jump from 30 million naira to 150 million naira.
This move comes amid the Nigerian naira’s persistent depreciation against the dollar, with the government attributing illegal capital outflows to the crypto industry.
Recently, reports emerged that the SEC was revising its guidelines for crypto service providers in the country. Although the government has already taken action against several crypto firms, including detaining two executives from the exchange platform Binance, it is reportedly considering further penalties against the firm, accusing it of manipulating the naira exchange rate.
Additionally, the SEC has proposed doubling the minimum paid-up capital requirement for prospective crypto service providers to 1 billion naira.
The SEC stated that these proposed amendments aim to clarify the market and incorporate feedback from industry stakeholders, particularly following engagements with the Central Bank of Nigeria.