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Ray Youssef expresses confidence in Nigeria’s crypto ecosystem amidst regulatory hurdles, viewing recent fee hike proposals as an opportunity for established industry players. Despite regulatory obstacles, venture capitalists remain optimistic about Nigeria’s crypto potential. However, Ray Youssef, CEO of NoOnes, a financial communication and P2P app, notes potential challenges for service providers due to government restrictions on P2P platforms aimed at regulating the free market.

 

 

 

The Securities and Exchange Commission (SEC) of Nigeria recently proposed amending regulations for crypto service providers, including a substantial increase in registration fees for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000).

 

 

 

In an interview with Cointelegraph, Youssef, former CEO of Paxful, a P2P exchange, suggested that the fee hike could attract major players like Coinbase to enter the Nigerian market. He highlighted the government’s intention to address foreign exchange issues by restricting P2P services, suggesting that exchanges willing to operate without P2P support could navigate the Nigerian market more smoothly.

 

 

 

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