Nigeria’s Securities and Exchange Commission (SEC) is planning to increase the registration fees for companies that deal with cryptocurrencies (VASPs).
VASP Registration Fees
Starting March 15th, VASP registration fees will jump from 30 million naira ($18,841.75) to 150 million naira ($94,208.76). This means a 400% increase.
Other Fees
Crypto exchanges and trading platforms will also face higher fees:
- Application fee: 300,000 naira ($188.42) (up from 100,000 naira)
- Processing fee: 1,000,000 naira ($628.06) (up from 300,000 naira)
Minimum Capital Requirement
The minimum paid-up capital for crypto businesses has also been raised to 1,000,000,000 naira ($628,058.40).
Nigeria’s Crypto Landscape
Nigeria has been in the news recently due to its ongoing dispute with Binance, one of the world’s largest crypto exchanges. The government has accused Binance of contributing to the devaluation of the Nigerian naira and has demanded compensation.
Despite these challenges, Binance has not yet pulled out of Nigeria.
