By Aduragbemi Omiyale
The duo of Busha Digital Limited and Quidax Technologies Limited has secured the approval of the Securities and Exchange Commission (SEC) to operate as a crypto exchange in Nigeria.
The two digital asset firms obtained the approval in principle under the agency’s Accelerated Regulatory Incubation Program (ARIP).
Busha operates a digital exchange that facilitates the buying and selling of crypto assets with fiat currency, also allowing individuals and businesses in Nigeria and other developing economies to access basic digital asset investment services.
Its customers use mobile and web applications to buy, sell, store, send, receive, trade, invest and make payments in cryptocurrencies.
As for Quidax, it operates a cryptocurrency trading platform in Nigeria, leveraging blockchain technology to list and trade already issued crypto tokens (assets). It also utilizes a digital wallet to enable its users to store, receive and transact in a variety of cryptocurrencies.
The services are provided via a proprietary blockchain owned and controlled by Quidax. The exchange platform is both web and mobile-enabled for ease of access and use.
A statement issued by the SEC said the approvals were given in furtherance of its commitment to enabling innovation that would deepen the capital market while guaranteeing the protection of investors.
Recall that the SEC introduced the ARIP to strategically on-board firms which had commenced operations before the release of the Rules on Virtual Asset Service Providers in May 2022.
In a similar development, the SEC has admitted five firms to test their models and technology under its Regulatory Incubation (RI) Program, created to assess the business models of cryptocurrency firms and test innovative products, services and technology in a real-time market environment under close supervision.
These companies are Trovotech, Wrapped CBDC, HousingExchange.NG, Dream City Capital, and Blockvault Custodian.