Nigeria's SEC Proposes Fivefold Increase in Crypto Exchange Registration Fees
While increased fees may offer investor protection and improve market integrity, they could also pose challenges for smaller exchanges and startups.
The Nigerian Securities and Exchange Commission (SEC) has suggested a significant increase in registration fees for crypto exchanges from the current 30 million naira ($18,620) to 150 million naira ($93,000), raising concerns among industry stakeholders.
This was done to provide clearer regulatory guidelines for crypto services for the rapidly growing sector by incorporating feedback from industry stakeholders after its recent discussion with the Central Bank of Nigeria.
With Nigeria being one of the largest cryptocurrency markets in Africa with 9% year-over-year growth in cryptocurrency transactions, the proposed fee hike could potentially affect market share and user accessibility. While increased fees may offer investor protection and improve market integrity, they could also pose challenges for smaller exchanges and startups.
