The evolving crypto regulatory environment in Nigeria is taking a positive shape with the issue of its first provisional operating license for digital assets exchanges, including crypto exchanges.
Nigeria’s Securities and Exchange Commission (SEC) said it has granted an Approval-in-Principle to two crypto exchanges Quidax and Busha, giving them the status of legally recognised crypto trading platforms in the country.
The first crypto exchange to get provisional operating license approval in Nigeria
Today, African-founded cryptocurrency exchange, Quidax announced that it has become the first crypto exchange to receive a provisional operating license by Nigeria’s Securities and Exchange Commission (SEC) as a Digital Assets Exchange.
The license which was presented by the Securities and Exchange Commission grants Quidax the permission to operate as a registered crypto exchange in Nigeria as the nation begins the formal recognition and much needed regulatory oversight, to the cryptocurrency industry.
Thoughts
Speaking on the development, Buchi Okoro, Co-founder and CEO of Quidax said;
“At Quidax, the customer is our priority. Every decision we make is to ensure that customers transact on our platform easily, safely, and with confidence. We commend the SEC under the leadership of Dr. Emomotimi Agama, for taking the bold step to bring order, confidence, and investor protection to our industry. This is a big win for Nigeria’s embrace of crypto, and we are glad to be a part of this historical moment.”
The Quidax CEO further thanked Nigerian regulators for collaborating with industry players to craft guidelines that will drive innovation and build trust in the budding crypto ecosystem.
Buchi says it marks a significant step in crypto and would enable Nigeria to leapfrog other countries when it comes to crypto regulation. With the license granted by the Nigerian SEC, Quidax is now able to collaborate with banks and other financial institutions, subject to the Central Bank of Nigeria’s approval.
Nigeria Crypto Industry Growth
This license also fosters trust in cryptocurrency and protection for crypto enthusiasts in Nigeria.
In an email sent out earlier today, Quidax thanked all of its customers and employees who have supported the business since the beginning.
The email stated that this approval by the SEC could be equated to a shot of adrenaline for the Nigerian crypto community to push the envelope further as well as an acknowledgment of all the work employees put into safety, security and compliance. The email also restated Quidax’s unwavering commitment to innovation, security, and compliance.
The exchange was approved under the Accelerated Regulatory Incubation Program (ARIP) program of the Commission.
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