Nigeria’s securities watchdog proposed a 400% increase to registration fees for crypto firms as the country cracks down on the sector, according to a notice published Friday.
The proposed amendments to the rules for crypto issuers, exchanges and custody platforms include increases to all supervision fees. Instead of a 100,000 naira ($64) application fee and a 30 million naira registration fee, the Securities and Exchange Commission (SEC) now wants 300,000 naira with every application and hopes to charge crypto firms a 150 million registration fee.
The SEC also proposed doubling the minimum paid-up capital (non-borrowed capital) requirement for interested crypto service providers to 1 billion naira.
The proposals “to rearrange” the rules are to “provide clarity to the market as well as to incorporate suggestions from industry stakeholders particularly with regards to the recent engagements with the [central bank of Nigeria],” the SEC said.
Read More: Nigeria’s SEC Proposes 400% Increase to Crypto Firm Registration Fees
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