Nigerian cryptocurrency exchange platforms Busha and Quidax have secured the first provisional licenses from the Nigerian Securities and Exchange Commission (SEC) under the Accelerated Regulatory Incubation Program (ARIP). This positions them as regulated Virtual Asset Service Providers in the country.
Busha’s CEO noted, “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.”
This achievement marks a significant milestone for the Nigerian cryptocurrency sector and opens avenues for growth and innovation within the expanding crypto landscape.
The Nigerian SEC emphasized that only approved digital exchanges and platforms are permitted to conduct crypto trading in any capacity in Nigeria. The ARIP and Regulatory Incubation (RI) programs are the exclusive pathways for legitimate entities to introduce their digital products and services to the Nigerian capital market.
“Members of the public are strongly advised to avoid dealings with illegal operators who have not sought or received SEC approval under the ARIP or RI Program. Prospective investors should also verify the legal status of entities claiming to provide investment services through the SEC’s information portals,” the SEC cautioned.
Additionally, the SEC’s Regulatory Incubation (RI) Program has accepted other crypto firms, including Trototech Ltd, Wrapped CBDC Ltd, Dream City Capital, and HousingExchange.NG Ltd, to test their technology and models. Further applications for the RI program and ARIP are currently under review.