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The licensing requirements from the Nigeria Securities and Exchange Commission (SEC) will significantly decrease the number of cryptocurrency exchanges operating in the country.
Golden Finance reports that Rume Ophi, a cryptocurrency analyst in Nigeria, mentioned in an interview that despite the Central Bank of Nigeria (CBN) lifting restrictions on Nigerian banks facilitating cryptocurrency transactions, the cryptocurrency licensing requirements from the Securities and Exchange Commission (SEC) would significantly reduce the number of locally operated cryptocurrency exchanges in the country. Rume explains that the minimum paid-up capital requirement is $556,620, which many local exchanges cannot afford as operational costs. This requirement is expected to result in a dominance of foreign exchanges operating in Nigeria, rather than a healthy balance. |
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Post time 6-1-2024 15:03:16