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The Nigerian Securities Regulatory Authority proposes to increase the registration fees for cryptocurrency companies by 400% in response to the crackdown on the industry in the country.
The proposed amendments to the regulations for cryptocurrency issuers, exchanges, and custody platforms include raising all regulatory fees. The Securities and Exchange Commission (SEC) now demands a ₦3 million (approximately $6,400) application fee per application and a registration fee of ₦30 million, hoping to charge cryptocurrency companies ₦1.5 billion for registration.
These proposals come as the Nigerian Naira hits a historic low against the US dollar, with the government accusing the cryptocurrency industry of fueling illegal capital outflows. Earlier reports suggested that the US Securities and Exchange Commission was updating its guidelines for cryptocurrency service providers in the country.
While the government may have taken action against several cryptocurrency companies, officials specifically singled out the trading platform Binance, accusing it of setting the Naira exchange rate. Nigeria has detained two senior Binance executives and is reportedly considering imposing heavy fines on the company.
The SEC also proposes to double the minimum paid-up capital requirement (non-borrowed capital) for interested cryptocurrency service providers to ₦1 billion. |
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Post time 29-3-2024 09:36:34