Quidax and Busha, two Nigerian crypto startups, have received provisional operating licenses from Nigeria’s Securities and Exchange Commission (SEC) as virtual asset service providers.
The license presented by the Securities and Exchange Commission grants Quidax and Busha permission to operate as a registered crypto exchange in Nigeria as the nation begins formal recognition and much-needed regulatory oversight of the cryptocurrency industry.
Speaking on the development, Buchi Okoro, Co-founder and CEO of Quidax said “At Quidax, the customer is our priority, every decision we make is to ensure that customers transact on our platform easily, safely and with confidence. We commend the SEC under the leadership of Dr. Emomotimi Agama, for taking the bold step to bring order, confidence and investor protection to our industry. This is a big win for Nigeria’s embrace of crypto, and we are glad to be a part of this historical moment.”
Michael Adeyeri, Busha’s CEO commented: “Our team has been unwavering in our commitment to fostering a safe, secure, and transparent environment for all users of digital assets in Nigeria. This provisional license from the SEC is a testament to the rigorous standards we have upheld since day one.”
With the license granted by the Nigerian SEC to Quidax and Busha, the startups can now collaborate with banks and other financial institutions, subject to the Central Bank of Nigeria’s approval. This license also fosters trust in cryptocurrency and protection for crypto enthusiasts in Nigeria.
It would be recalled that the SEC introduced the Accelerated Regulatory Incubation Program and Regulatory Incubation (ARIP) to strategically on-board firms which had commenced operations prior to the release of the Rules on Virtual Asset Service Providers in May 2022. Conversely, the RI Program was created to assess the business models of Digital Assets firms and test innovative products, services and technology in a real-time market environment under close supervision by the SEC.
