Nigeria’s Securities and Exchange Commission has proposed to raise the registration fees for virtual asset service providers (VASP) seeking an operational license. This development is accompanied by other changes in the regulations governing the key aspects of the crypto industry in the West African country.
VASP Registration Fees In Nigeria To Rise By 400%
On March 15, the Nigerian SEC released a set of proposed amendments to its Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody. According to the securities regulator, the suggested changes are aimed at providing more regulatory clarity to a rapidly developing crypto market as well as implementing feedback from industry players following recent discussions with the Central Bank of Nigeria (CBN).
Of all the updated regulations, a quintupling increase in VASP registration fees from 30 million ($18,841.75) to 150 million ($94,208.76) has been a major talking point as such policies are usually vie
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