SEC gives approves Quidax, Busha as crypto exchanges
Nigeria’s Securities and Exchange Commission (SEC) said it has granted an Approval-in-Principle to two crypto exchanges Quidax and Busha, authorising them as legally recognised crypto trading platforms in the country.
The two exchanges were approved under the Accelerated Regulatory Incubation Program (ARIP) program of the Commission.
The Commission also said that it has admitted four companies to test their models and technology under its Regulatory Incubation (RI) Program.
The four firms are digital assets offering platforms, which include Trovotech Ltd, Wrapped CBDC Ltd, Dream City Capital, and HousingExhange.NG Ltd.
The apex regulator of the capital market while disclosing this in a statement said the listed above firms are not the only entities that have applied to ARIP and the RI Program. It added that other applications received that are being assessed would be granted Approval-in-Principle on a case-by-case basis as they meet all SEC requirements.
While noting that the referenced Approvals-in-Principle is a precursor to the grant of full registration by the SEC, the Commission emphasized the legal status of the companies as crypto trading platforms in Nigeria.
“The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorized to carry out the business of crypto trading in any form in Nigeria.
