In a landmark move, the Nigerian Securities and Exchange Commission (SEC) has granted approval to Busha Digital and Quidax Technologies to operate digital asset platforms in the country. This development marks a significant milestone in the growth of Nigeria’s digital asset industry.
According to sources close to the matter, the SEC’s approval allows Busha Digital and Quidax Technologies to offer digital asset exchange services, including cryptocurrency trading and custody. This move is seen as a major boost to the country’s digital economy, as it provides a regulatory framework for digital asset operations.
Busha Digital and Quidax Technologies are among the first set of companies to receive approval from the SEC to operate digital asset platforms. The approval is a testament to the companies’ commitment to operating in a transparent and compliant manner.
“We are thrilled to receive this approval from the SEC. This marks a significant milestone in our journey to provide Nigerians with access to digital assets. We are committed to operating in a transparent and compliant manner,” Michael Ugwu, CEO, Busha Digital, said.
Similarly, Buchi Okoro, CEO of Quidax Technologies, expressed excitement about the approval. “This approval is a testament to our commitment to innovation and customer satisfaction. We are eager to work with the SEC to ensure a smooth operation of our digital asset platform.”
The SEC’s approval comes amidst growing interest in digital assets in Nigeria. The country has seen a surge in cryptocurrency adoption, with many Nigerians turning to digital assets as a store of value and medium of exchange.
The approval is also seen as a positive development for the country’s economy, as it provides a regulatory framework for digital asset operations. This is expected to attract more investment to the country’s digital asset industry, creating jobs and stimulating economic growth.
However, some experts have raised concerns about the risks associated with digital asset operations. They point to the volatility of cryptocurrency prices and the potential for fraud and money laundering.
To address these concerns, the SEC has put in place strict regulations for digital asset platforms. The commission requires platforms to implement robust anti-money laundering and know-your-customer measures, as well as to maintain adequate capital and liquidity.
Overall, the SEC’s approval of Busha Digital and Quidax Technologies is a significant development for Nigeria’s digital asset industry. It provides a regulatory framework for digital asset operations, and is expected to attract more investment to the country’s digital asset industry.
