Nigerian SEC approves local crypto exchanges in push for digital asset regulation
The Nigerian Securities and Exchange Commission (SEC) has granted "Approval-in-Principle" to two local crypto exchanges, Busha Digital Limited and Quidax, allowing them to operate under the Accelerated Regulatory Incubation Program (ARIP). This initiative aims to onboard firms before the May 2022 rules on Virtual Asset Service Providers, promoting innovation while ensuring investor protection. The approvals are preliminary steps toward full registration, ensuring transparency and protection for crypto products and services. Busha's CEO highlighted the approval as essential for providing safe trading venues for Nigerian users. The SEC has also admitted five other firms into its Regulatory Incubation (RI) program, which evaluates digital asset business models. The SEC warns the public against engaging with unapproved operators, emphasizing that ARIP and RI are the only legitimate pathways for introducing products to the Nigerian capital market.
