The Nigerian Securities and Exchange Commission (SEC) has made a significant move by granting provisional licenses to two cryptocurrency exchanges, Quidax and Busha.
This decision is part of the SEC’s Accelerated Regulatory Incubation Program (ARIP), designed to onboard exchanges that began operations before the regulatory framework was established in May 2022.
Both exchanges will now operate under this program, which aims to ensure investor protection and market integrity while fostering innovation in the crypto space.
The SEC emphasized its commitment to creating a safe environment for crypto enthusiasts, a sentiment echoed by Busha’s CEO, Michael Adeyeri, who highlighted the importance of regulated platforms for managing digital assets.
Quidax’s co-founder, Buchi Okoro, expressed optimism about the future of cryptocurrency in Nigeria, viewing the license as a milestone for the entire crypto community.
This development comes after years of regulatory uncertainty, especially following a ban on financial institutions facilitating crypto transactions.
With these licenses, Quidax and Busha are poised to enhance partnerships with traditional financial institutions, potentially transforming Nigeria’s digital asset landscape and positioning it as a leader in crypto regulation in Africa.