🇳🇬 Nigerian SEC requires crypto licenses that are difficult to obtain, reducing the number of local exchanges operating 😕 What do you think about this issue? Please comment below! 👇

- Minimum capital requirement of $556,620 (N500 million naira) makes many local exchanges unable to operate

- Mainly foreign exchanges operate in Nigeria

- SEC releases a 54-page document on new rules for the crypto industry

- The exchange needs a VASP license from the SEC

- Nigeria has the highest crypto awareness rate in the world

- Expect increased foreign investment in crypto in Nigeria after CBN lifted the ban