Securities and Exchange Commission (SEC) has granted two digital assets exchanges approval-in-principle to commence operation under accelerated regulatory incubation programme (ARIP).
Ekwutosblog reports that SEC made the announcement through a statement released on Thursday.
The commission listed the companies approved to be Busha Digital Limited and Quidax Technologies Limited.
This comes a week after SEC disclosed plans to license providers of virtual assets — including cryptocurrencies — to support youths and protect investors as adoption rates surge in Nigeria.
It noted that the ARIP involves different cohorts, which comprise two digital asset exchanges, four digital asset offering platforms, and one digital asset custodian.
The commission said, “Busha operates a digital exchange that facilitates the buying and selling of crypto assets with fiat currency.”
“It enables individuals and businesses in Nigeria and other developing economies to access basic digital asset investment services.”
“Busha’s customers use the mobile and web applications to buy, sell, store, send, receive, trade and invest and make payments in cryptocurrencies.”
“Quidax Technologies Limited operates a cryptocurrency trading platform in Nigeria. The platform leverages blockchain technology to list and trade already issued crypto tokens (assets).”
“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.”
