Nigerian cryptocurrency exchanges Busha and Quidax have received their first provisional licenses from the Nigerian Securities and Exchange Commission (SEC).
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Under the Nigerian SEC’s Accelerated Regulatory Incubation Program (ARIP), Busha and Quidax have received the first provisional licenses to operate as regulated virtual asset service providers in Nigeria.
The CEO of Busha commented: “Our team has been unwavering in our commitment to promoting a safe and transparent environment for all digital asset users in Nigeria. This interim license from the SEC is a testament to the rigorous standards we have maintained since day one.”
This is a milestone for the Nigerian cryptocurrency sector and positions both companies for growth and innovation in the thriving crypto landscape.
The Nigerian SEC specified: “The SEC is using this medium to reiterate that only approved digital exchanges and platforms are legally authorized to conduct crypto trading in any form in Nigeria.” In this regard, ARIP and RI remain the only options for well-intentioned companies to conduct their to legally introduce digital products and services into the Nigerian capital market.
“The public is strongly advised not to do business with illegal operators who have not applied to the SEC and received approval under the ARIP or RI program. Interested investors are also reminded to always check the various SEC information portals to determine whether companies purporting to provide investment services are legally authorized to do so.”
The SEC’s Regulatory Incubation (RI) program has also allowed crypto firms Trototech Ltd, Wrapped CBDC Ltd, Dream City Capital and HousingExchange.NG Ltd to test their technology and models. Other applications for the RI program and ARIP are still being processed.