Nigeria SEC To Hike VASP Registration Fees Under New Regime – Details
Nigeria's Securities and Exchange Commission proposed a 400% increase in registration fees for virtual asset service providers (VASPs) seeking operational licenses. The amendments aim to provide regulatory clarity and implement feedback from industry players. The proposed changes also include increased application and processing fees for crypto exchanges and raised minimum paid-up capital for businesses. Nigeria has been in the spotlight due to a dispute with Binance, accusing the exchange of devaluing the Nigerian Naira and making demands for compensation and user data. Binance has shut down Nigerian Naira services and delisted Naira trading pairs in response. The total crypto market cap is currently at $2.52 trillion, with Bitcoin trading at $66,275.63.
