The Securities and Exchange Commission (SEC) has granted “approval-in-principle” to two digital asset exchanges to commence operations under its Accelerated Regulatory Incubation Programme (ARIP). In a statement released Thursday, the SEC identified the approved companies as Busha Digital Limited and Quidax Technologies Limited.
This approval follows the SEC’s recent announcement to license virtual asset providers, including cryptocurrency platforms, in a bid to support youth and safeguard investors as adoption rates rise in Nigeria.
The ARIP, according to the SEC, encompasses various cohorts, including two digital asset exchanges, four digital asset offering platforms, and one digital asset custodian.
The SEC detailed that Busha operates a digital exchange facilitating the purchase and sale of crypto assets using fiat currency. This platform allows individuals and businesses in Nigeria and other developing economies to access essential digital asset investment services through its mobile and web applications.
In contrast, Quidax Technologies Limited runs a cryptocurrency trading platform that uses blockchain technology to list and trade existing crypto tokens. The platform, accessible via web and mobile, is supported by a proprietary blockchain managed by Quidax, which also employs digital wallets for transactions and storage of various cryptocurrencies.
The SEC also noted that five additional firms—Trovotech Ltd, Wrapped CBDC Ltd, HousingExchange.NG Ltd, Dream City Capital, and Blockvault Custodian Ltd—have been admitted to test their models and technologies under the regulatory incubation programme.
