Local crypto exchanges go fit survive for Nigeria?

[Pokapoka124]

The Securities Exchange Commission of Nigeria (SEC) don reason to increase the registration fee for crypto exchanges from ₦30 million ($18,620) to ₦150 million ($93,000). E be like say Nigeria nor want make local crypto exchanges come out for we country cos I nor understand this kind leg wey them dey bring so. We still dey judge Binance matter, them dey another side dey won frustrate tech startups.

https://techpoint.africa/2024/03/15/registration-fees-crypto-exchanges-increased/

[1714230340]

1714230340

[Charles-Tim]

I was about to make topic on this but you are faster but not in details. I will do the explanation here because the news are not talking about Required Minimum Paid up Capital which was ₦500 million naira before, it is now ₦1 billion.

To under it better, you will need to read the document from SEC. This is it: https://sec.gov.ng/proposed-major-amendment-to-the-rules-on-issuance-offering-platforms-and-custody-of-digital-assets-to-stakeholders-and-the-general-public/

I download the PDF file for convenient reading.

Go to:

PART D -Registration of Digital Asset OfferingPlatform
PART E -Registration of Digital AssetExchange
PART F -Registration of Digital AssetCustodian

These are what those news are referring to, but skipped Required Minimum Paid up Capital which is most costly. If you do not have that amount after paying all those fee, you can not have crypto service license in Nigeria.

Go to page 18/19, 37/38 and 50. You will see it.

I can remember some people complained that this will not encourage crypto business establishment in Nigeria but the second increase the amounts as naira devalues.

[Amphenomenon]

I actually to be frank, I don't really think it's much, maybe since this won't be much for foreign investors but for a local exchange huge but still yet it doesn't bother me because till now we have not any local exchange that have offer good services to us and so never will I recommend it for anyone especially with the case of the biggest exchange Patricia though it headquarters move from Nigeria to Lithuania in 2021  but it was still an household exchange until it's said hack and maltreatment to customers.

As long as this money is going to be use for asset insurance, hopefully not squandered I don't see any problem.

This was not the only Changes made

• application fee of 300,000 naira, up from the previous 100,000 naira.
• The processing fee has also increased from 300,000 naira to 1 million naira.
• The rules and guidelines being renamed from New Rules on Issuance, Offering Platforms and Custody of Digital Assets to Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody
  

Source : https://cointelegraph.com/news/nigerian-sec-seeks-to-raise-crypto-exchange-registration-fee

[Pi-network314159]

The Securities Exchange Commission of Nigeria (SEC) don reason to increase the registration fee for crypto exchanges from ₦30 million ($18,620) to ₦150 million ($93,000). E be like say Nigeria nor want make local crypto exchanges come out for we country cos I nor understand this kind leg wey them dey bring so. We still dey judge Binance matter, them dey another side dey won frustrate tech startups.

https://techpoint.africa/2024/03/15/registration-fees-crypto-exchanges JH Lee you 6increased/

E dey clear say this people no even want make this thing work out for us o. Because if them want make this thing work out for us them for no dey raise this kind issue. E come dey make me reason whether na because of this issue Naim make them sign MoU with this cryptocurrency firm to Boost eNaira adoption cbn-signs-mou-with-blockchain-firm-gluwa-to-boost-enaira-adoption I no no how true this information be, but I believe say FG get something to do with this thing. Wetting I dey understand be say, dem wan eNaira adoption to dey rapid instead of the normal cryptocurrency. because crypto currency no gree make eNaira coin circulate much but if Nigeria starts to use eNaira since normal cryptocurrency P2P no dey, E go make people change direction.  but I no think if that thing go happen .

[Cryptomultiplier]

Well, as complicated as it gets, the crypto businesses that would survive after paying the huge amount of money requested by SEC, will find a way to scrape it off the users pocket by increasing their gas fees and charges.
I think if the government wants to stop the existence of cryptocurrency, they would start by placing a ban on coding, web development, forex, tech startups and multinational tech companies from functioning as well as stop the knowledge of it being taught or learnt.

[Makus]

I can remember some people complained that this will not encourage crypto business establishment in Nigeria but the second increase the amounts as naira devalues.

Omor minus joke and play, the registration fee high oo, even if say many of those exchanges and outside and them come in say the value of dollar to naira no go make the money big like that for their side, how about those people for Nigeria wey dey plan to create exchange before ?  I no dey against the required minimum paid up capital because for you to get exchange then you must prove to us say you mean business and you done ready to provide standard management, so that hackers no go fit dey shook hand for people assets anyhow.

[Dailyscript]

Funny enough, these local crypto exchanges have the money to fund it. Only startups will find it difficult, but with a lot of investors, they can afford it. Before, it was easy since they did not need to have so many investors, but N150 million is too much. It seems the government is trying to chase companies that cannot afford it, and if you cannot afford it, you won't join the train.

You are asking if they can survive. Yes, they can; it won't be easy, but this is business, and it is not managed by one man alone. With coloboarativeness, they can survive and move forward. Just like I said earlier, it is very understandable that the government now knows that cryptocurrency has so many profits and benefits, which is why they are looking for a way to profit from it.

[babagem1]

The only problem with me I understand for Naija greediness our government greedy well well, they put eye for everything to collect tax but they no want help citizens archive anything, na then self they only care, naija tire me a lot, then just they frustrate everybody because of their thief mentality and stealing mindset, if they are taking this money and using it in the country it will be better but they are not doing anything at all, everyone wey Dey position won quickly collect asap.

[AVE5]

I was about to make topic on this but you are faster but not in details. I will do the explanation here because the news are not talking about Required Minimum Paid up Capital which was ₦500 million naira before, it is now ₦1 billion.

To under it better, you will need to read the document from SEC. This is it: https://sec.gov.ng/proposed-major-amendment-to-the-rules-on-issuance-offering-platforms-and-custody-of-digital-assets-to-stakeholders-and-the-general-public/

I download the PDF file for convenient reading.

Go to:

PART D -Registration of Digital Asset OfferingPlatform
PART E -Registration of Digital AssetExchange
PART F -Registration of Digital AssetCustodian

These are what those news are referring to, but skipped Required Minimum Paid up Capital which is most costly. If you do not have that amount after paying all those fee, you can not have crypto service license in Nigeria.

Go to page 18/19, 37/38 and 50. You will see it.

I can remember some people complained that this will not encourage crypto business establishment in Nigeria but the second increase the amounts as naira devalues.

I remember following you up to dates about our Nigerian government and their selfish interests towards how crypto currencies.
And I'll keep hitting this button that nomatter how disguised our governments might portray themselves towards the masses welfares in terms of funds securities assurance between we the Nigerian citizens with the crypto exchanges and Cryptocurrencies at large, I'd keep being a big lie that this government cares about us the citizens of the nation Nigeria that's under their governance watch.
They're just after cutting their own piece of cake from these Crypto industries and inflating on how they'd place taxes on the local crypto Investors and the traders.
What a dubious government that doesn't have remorse and no conscience!
Bitcoin and other cryptocurrencies ain't an illegal digital technology so why can't they just accept it with the fact that we the citizens are benefiting from it?

Believe me, if those banned exchange would have to succumb to the will of our government, we'd be modified to a higher charge fees during coin trading because indirectly the platforms would want to recover from the payment made to the government as they'd could it as unnecessary payment and a lost of fund so strategically they'd extort it back from the exchange users.
They may even decide to move on after all their are countries that doesn't permit the trespass of Bitcoin or the AltCoins in their nation but yet they digital networking system of the crypto currencies are doing so well as others are adopting to the system on timely basis.

This Nigerian government doesn't just think good for the citizens and yet they're being incompetent to provide job opportunities for the masses neither have they been focused to stabilize our fluctuating invaluable economy.

[Zigabel]

I no know why our government choose to approach this dollar rise against naira this way because now dem com dey make am be like say na the crypto exchange them wey they cause the dollar to dey rise but then dem get many other ways wey dem go use approach this tin and e go naturally crash the dollar but I feel say them just wan victimized the youths them wey they survive through all these things because this wan now na to discourage the useage of crypto related transactions because this na go also affect fees wey all this exchanges them go dey set for their customers and it's very sad say this government they sabotage this sector of the economy a d thinking say them dey actually do us good.

Even Binance c am say the wahala just too much them gats go and na so others too go follow we go just dey kill the crypto industry small small a d if you wan exchange now e go dey cost u much more than the normal wey we dey use b4.

[Uhwuchukwu53]

I can remember some people complained that this will not encourage crypto business establishment in Nigeria but the second increase the amounts as naira devalues.

I no dey against the required minimum paid up capital because for you to get exchange then you must prove to us say you mean business and you done ready to provide standard management, so that hackers no go fit dey shook hand for people assets anyhow.

Well for me this just the truth as I may concur to this, one handling exchange should be able to pay to avoid shoot bird mama fly. Just like fiat bank if you don't have what it takes don't think of opening bank because that reserve to CBN give them assurance they can have a base should anything occur to your customer.

[Makus]

Well for me this just the truth as I may concur to this, one handling exchange should be able to pay to avoid shoot bird mama fly. Just like fiat bank if you don't have what it takes don't think of opening bank because that reserve to CBN give them assurance they can have a base should anything occur to your customer.

Ehen na, when we dey talk about money matter and place to put our money, you must first guarantee us say you no go fall our hand when breeze blow. Na why you must pass through all those verification stage before you go fit get bank, or exchange.  But that of exchange no be just like bank, if you wan open exchange you supposed stand your ground well, to invest enough in cyber security and hire one of the best of developers to not only develop but to even they run mentainance on a reg. E get one hack wey be happen for ledger coinconnect, they say one of the lesson wey them learn na besay, them no suppose dey rely on old security, that is, them supposed dey update their security on a stead.

[Benedictare]

Yes they can, because local marketers have been gives areas which they can assess like Coinbase and Binance ,i believe with time their bills will be reduced because the politician are involved in crypto trading .
   

[Mate2237]

Finally all of us will use decentralized exchanges and abandon all the Centralized Exchanges for the government and it agencies. I don't know why Nigeria government is doing all these nonsense. The presidential media aid was saying that what the Nigerian government is doing is the same thing with the American Government doing to cryptocurrencies exchanges. So with that Nigeria Government is not doing bad. From the way Nigeria Government is doing with centralized exchanges will discourage them to leave the country and even the once that would stay with have high charges and the sellers or the buyers could not buy it sell it again.

And finally the real peer to peer will be use and add it with decentralized exchanges.

[Antotena]

The Securities Exchange Commission of Nigeria (SEC) don reason to increase the registration fee for crypto exchanges from ₦30 million ($18,620) to ₦150 million ($93,000). E be like say Nigeria nor want make local crypto exchanges come out for we country cos I nor understand this kind leg wey them dey bring so. We still dey judge Binance matter, them dey another side dey won frustrate tech startups.

https://techpoint.africa/2024/03/15/registration-fees-crypto-exchanges-increased/

The country is trying to discouraged investors from putting much effort is setting up here in Nigeria, they don't want to see even the locals try it, look as they are so hard to get every details about Nigeria from the exchange, a
Now with this scrutiny and wickedness, which exchange will like to have something with this country, they don't want people to set up another local crypto exchange that will blowup like Binance because they think another Binance will come and this time they will like to do everything in order so as not to be chase by the Nigerian government, so to discourage people they simply increase the money. I don't think any serious businesses is ready to give the Nigerian government all of that, the amount is too high.

[Davidvictorson]

Go to page 18/19, 37/38 and 50. You will see it.

I downloaded the document and went straight to these pages. It save me a lot of stress looking for this information

I can remember some people complained that this will not encourage crypto business establishment in Nigeria but the second increase the amounts as naira devalues.

The SEC Nigeria is saying in the document to those who want to start a local exchange is that, " if you no get money, hide your face". And I like it. Only the serious ones will start up. At least if things eventually goes wrong we'll be confident that they won't be too broke to refund their customers.