Nigeria, the global P2P crypto king, finds itself at a crossroads. Recent regulations raise the question: is this a red carpet for established exchanges or a roadblock for its P2P dominance?

The Securities and Exchange Commission (SEC) proposed a hefty registration fee hike for crypto exchanges. This move, according to Ray Youssef, CEO of P2P app NoOnes, might be a "welcome wagon" for major players like Coinbase. The logic? Restricting P2P platforms, a cornerstone of the Nigerian crypto scene, opens the door for exchanges willing to operate without it.

However, this strategy clashes with Nigeria's P2P preference. Youssef suggests the government could view its P2P strength as an asset, collaborating with crypto stakeholders to leverage this for the nation's economic good.

This isn't the first tango between Nigeria and crypto. In 2021, the Central Bank banned institutions from crypto transactions. This backfired, making Nigeria the P2P leader. The 2023 policy reversal allowed licensed exchanges, but tensions remain. Binance, for instance, stopped using naira after government criticism.

The recent eNaira partnership with Gluwa further highlights the government's approach. While promoting the central bank digital currency, Youssef argues they could have used it to stimulate local growth and empower young entrepreneurs.

Nigeria's crypto future remains unclear. Will it attract big names while stifling its P2P heart? Can the government find a way to embrace both for a more vibrant crypto ecosystem? Only time will tell if Nigeria can navigate this crypto crossroads.