Wanting to do business in its territory, this country requires crypto investors to set up offices

However, in its latest proposal, Nigeria's SEC replaced the requirement requiring foreign crypto exchanges to set up local offices with broader rules.

“Existing CMOs registered to provide trading platforms, offerings and custodial services seeking to be registered under these Rules, may be required to establish separate subsidiaries/entities to carry out such functions,” the Nigerian SEC said.

Although the Nigerian SEC did not define the acronym CMO, individuals in the country's crypto world interpreted this as a reference to Capital Markets Operator.

Crypto License Fees

Apart from proposing rule changes, the Nigerian SEC has also revised various fees that crypto license applicants must pay.

For example, the regulator is proposing to increase the filing or application fee from around USD 63.00 (NGN100,000) to USD 188.40 (NGN300,000). The regulator also proposed a five-fold increase in registration fees from USD 18,840 to USD 94,200.