The Nigerian government, through the Securities and Exchange Commission (SEC), has granted approval in principle to two prominent cryptocurrency firms, Busha Digital Limited and Quidax Technologies Limited, allowing them to launch operations in the country.
The approval according to the commission, is part of the SEC’s Accelerated Regulatory Incubation Program (ARIP), an innovative initiative crafted to provide a robust framework for digital asset companies, ensuring they operate under rigorous regulatory oversight.
This development marks a significant leap forward in the formalization and regulation of digital assets in Nigeria, signaling a new era for the nation’s financial landscape.
Busha Digital Limited and Quidax Technologies Limited, both recognized leaders in the Nigerian cryptocurrency market, are now empowered to offer cryptocurrency trading and related services to the public. However, they will do so under the vigilant eye of the SEC, which underscores the commitment to safeguarding investors and upholding market integrity.
The “approval-in-principle” allows these companies to kickstart their operations and further enhance their platforms while undergoing thorough evaluations to ensure they meet all regulatory standards.
The SEC highlighted that this preliminary endorsement is not just about opening doors—it’s a vital step towards nurturing innovation while firmly protecting investors and maintaining a transparent, trustworthy market.
The ARIP aims to strike a delicate balance, fostering creativity in the digital asset space while ensuring the financial ecosystem remains secure and transparent.
If successfully implemented, the ARIP could pave the way for a wave of new digital asset companies eager to enter the vibrant Nigerian market.
