Nigeria’s SEC Grants Two Crypto Firms Approval in Principle
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
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 outlet The Punch.
The report said that the ARIP cohort includes two digital asset exchanges, four digital asset offering platforms, and one digital asset custodian.
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.
Press Release:
Update on the SEC’s Accelerated Regulatory Incubation Program and
Regulatory Incubation Program
Find details in the link below:https://t.co/vwtbJowUDx
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 Regulatory Incubation Program (RI).
These companies include Trovotech Ltd, Wrapped CBDC Ltd,
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