The Nigerian Securities and Exchange Commission has developed new guidelines for cryptocurrency companies. The agency proposes to immediately increase the registration fee by 400%.

The application fee, if the authorities approve the Commission's proposal, will be raised from 100,000 naira to 300,000 naira ($64 → $192), and the registration fee will be raised from 30 million naira to 150 million naira ($19,200 → $96,000). It is planned to increase the minimum required authorized capital for foreign crypto firms to 1 billion naira ($640,000).

Under the new guidelines, all foreign companies that want to operate as digital coin providers will be required to obtain a license and open an office in Nigeria. In addition, the CEO or managing director of the company must be a permanent resident of the country.

Commission representatives attribute the increase in registration fees to increased clarity in the regulation of the local financial market. The Nigerian naira has fallen 55% over the past year and the country's foreign exchange reserves are at their lowest levels in six years.

Earlier, the Nigerian Communications Commission (NCCC) received instructions from the Central Bank of Nigeria (CBN) to block access to all Internet resources offering unlicensed services for the purchase and exchange of digital assets, including national cryptocurrency exchange platforms Binance, Coinbase, Kraken and OctaFX.