Nigeria Proposes Sharp Fee Hikes for Crypto Firms Amid Industry Crackdown

Nigeria's Securities and Exchange Commission proposed a 400% increase to registration fees for crypto firms
The proposed hikes come as Nigeria cracks down on the crypto industry amidst the naira weakening to record lows
The new proposed registration fee is 150 million naira, increased from the previous 30 million naira
The SEC also proposed doubling the minimum paid-up capital requirement for crypto providers to 1 billion naira
The SEC said the proposal aims to provide clarity and incorporate suggestions from industry stakeholders