4. Registration Requirements
According to the rules set by SEC, digital asset exchanges specifically are required to have a minimum paid-up capital of 500 million naira
This is old. The paid up capital was increased to ₦1 billion in 2023 or so which was when it was modified last. Or did SEC changed it back? I guess that can not happen. SEC increased it after naira price has fallen so significantly. Also there are payments like application fee, registration fee, processing fee and sponsored fee or so that have to be paid. I looked for the PDF but I saw the one for 2022 and not 2023.
The laws concerning crypto for Naija no too dey clear, the other time no be government dey warn banks make dem no dey involved in any form with crypto transactions, banks like Opay, Palmpay, etc, even put up warning on their platform say dem fit seize your money if dem find out say e get connection with crypto.
The government does not know what they are doing. That is how I have been seeing it. But about cryptocurrencies, the government were after P2P and not cryptocurrencies directly. But the way it was done looks inaccurate and like involving bribery.