Nigeria's SEC proposes to increase the registration fee for cryptocurrency companies by 400%

According to the latest TechFlow news, the Nigerian securities regulatory agency has proposed a 400% increase in registration fees for cryptocurrency companies to counter the country's crackdown on the industry.

The proposed amendments to rules for cryptocurrency issuers, exchanges, and custodial platforms include increased regulatory costs. The U.S. Securities and Exchange Commission (SEC) now requires an application fee of 300,000 naira (approximately $64) per application and a registration fee of 30 million naira, with plans to charge cryptocurrency companies a registration fee of 150 million naira.