Nigeria’s SEC Grants Two Crypto Firms Approval in Principle #ApprovalRatings
Exchange Nigeria Regulation #NigerianTraders
The SEC announced that five other firms have been admitted to test their business models.
The Securities and Exchange Commission (SEC) of Nigeria has granted approval in principle to two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited.
The provisional crypto license allows the firms to commence operations under the Accelerated Regulatory Incubation Programme (ARIP), according to a report by local news
The report said that the ARIP cohort includes two digital asset exchanges, four digital asset offering platforms, and one digital asset custodian.
Busha and Quidax Gain Regulatory Approval
Busha Digital Limited, one of the approved exchanges, facilitates the buying and selling of cryptocurrencies using fiat currency.
Through Busha’s mobile and web applications, users can engage in various cryptocurrency-related activities, including buying, selling, storing, sending, receiving, trading, investing, and making payments.
Quidax Technologies Limited, the other firm granted approval in principle, runs a cryptocurrency trading platform that leverages blockchain technology
The platform lists and trades existing crypto tokens, providing these services through a proprietary blockchain owned and managed by the company.
In addition to Busha and Quidax, the SEC announced that five other firms have been admitted to test their business models and technologies under the SEC’s Regulation.
These companies include Trovotech Ltd, Wrapped CBDC Ltd, HousingExchange.NG Ltd, Dream City Capital, and Blockvault Custodian Ltd.
The ARIP was established by the SEC to integrate firms that had already begun operations before the issuance of the Rules on Virtual Asset Service Providers.
The RI Programme, according to the SEC, is designed to evaluate the business models of digital asset companies and to test innovative products, services, and technologies in a controlled market environment.
