Nigeria is intensifying its oversight of the cryptocurrency industry by updating regulations for crypto operators, notably involving Binance.
The Securities and Exchange Commission (SEC) has proposed significant amendments to the rules governing the issuance, offering platforms, exchange, and custody of digital assets.One key change in the revised regulations is the mandatory registration with the SEC for individuals or entities providing virtual assets services. Additionally, companies wishing to operate as virtual assets service providers must be incorporated and maintain an office within Nigeria, with the CEO or similar role expected to reside in the country.
The adjusted regulations also entail substantial increases in registration fees for Digital Assets Offering Platforms (DAOPs). The filing and application fee, processing fee, registration fee, and sponsored individual fee have all seen significant hikes, reflecting Nigeria’s efforts to strengthen regulation within the cryptocurrency space.
Source: Business Day