As part of President Bola Tinubu’s administration to encourage innovation and deepen the capital market while guaranteeing the protection of investors, the Securities and Exchange Commission(SEC) has granted two (2) Digital Assets Exchanges “Approval-in-Principle” to start operation under the Accelerated Regulatory Incubation Program (ARIP).
The companies granted license are Busha Digital Limited and Quidax Technologies Limited.
While disclosing this in a statement in Abuja Thursday, the Commission said the cohort comprises of two (2) Digital Asset Exchanges, four (4) Digital asset Offering Platforms and one (1) Digital Asset Custodian.
This development marks a significant leap forward in the formalization and regulation of digital assets in Nigeria, heralding a new era for the nation’s financial sector.
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.
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 stressed that this preliminary endorsement is not just about opening doors for 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.
