Nigeria's SEC Proposes ₦30m Crypto Fee, Raises Concerns Over Startup Access

The Nigerian Securities and Exchange Commission (SEC) has proposed new regulations for the country's crypto industry, including a ₦30 million registration fee and minimum capital requirements of up to ₦2 billion. The rules aim to bring digital asset businesses under a clearer regulatory framework but may have unintended consequences.

The proposed fees are in addition to a ₦100,000 processing fee and a ₦300,000 application fee for applicants. Companies entering through the SEC's Accelerated Regulatory Incubation Programme would pay an additional ₦200,000 initial assessment fee and ₦2 million ARIP application fee.

The new regulations could push Nigerian startups out of the market due to the high costs involved in compliance. For a small business trying to build a crypto product, meeting the requirements may be impossible.