March 16, (THEWILL)- The Nigeria’s Securities and Exchange Commission (SEC), has proposed an increase in the minimum paid-up capital requirement for crypto exchange registration.
The move, according to THEWILL’s findings, is aimed at strengthening oversight and mitigating risks within the cryptocurrency sector and the need for clarity and input from industry stakeholders, particularly following engagements with the Central Bank of Nigeria (CBN).
The 60-page proposed amendment was disclosed on the SEC’s website on Friday, March 15.
According to the proposal, the SEC seeks to raise the filing/application fee for digital asset exchanges and custodians from $62 (N100,000) to $186 (N300,000). Additionally, the processing fee would increase from $186 (N300,000) to $620 (N1 million).
The SEC aims to rename the rules and guidelines from “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” to “Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody.”
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