Summary:
Nigerian SEC grants approval to Busha Digital and Quidax Technologies as the first licensed exchanges.
Accelerated Regulatory Incubation Program (ARIP) aims to expedite onboarding for licensed entities.
The SEC warns the public against dealing with unauthorized operators and urges verification through official portals.
The current cohort is focused on distributed ledger technology (DLT) for trading crypto assets.
The SEC is assessing more applications and will continue to approve compliant entities.
The Nigerian Securities and Exchange Commission (SEC) has granted āapproval-in-principleā to Busha Digital and Quidax Technologies, marking them as the first digital asset exchanges to operate legally in Nigeria. Furthermore, four additional digital asset offering platforms and one custodian have joined the SEC's regulatory incubation program to test their technologies.
Nigerian Regulatorās Expedited Onboarding Program
On August 29, the SEC announced the approval of the two exchanges under the Accelerated Regulatory Incubation Program (ARIP). This initiative aims to hasten the process for entities applying for licenses, allowing successful applicants to receive provisional approval to operate while awaiting comprehensive digital asset regulations.
Residents Warned Against Unauthorized Entities
The SEC has issued a stern warning to the Nigerian public to steer clear of unauthorized operators. Investors are urged to confirm the legitimacy of service providers on the SECās official platforms. The current participants in the ARIP and RI programs utilize distributed ledger technology (DLT) for creating and trading crypto assets, which will inform future policy developments. The SEC is actively assessing further applications from digital asset exchanges, promising similar approvals for compliant entities. Stay vigilant and verify before engaging with any investment services!
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