Cryptocurrency

The Securities and Exchange Commission (SEC) of Nigeria has officially granted the first provisional license to home-grown crypto trading platform Quidax. As the first of its kind, it signfully marks a trend towards legal regulation of the growing digital assets market in the country.
With this acquired license, Quidax is now permitted to function as a recognised cryptocurrency exchange throughout Nigeria, marking the beginning of a regulated era in digital finance.&nbsp;
The SEC’s proactive step, led by Dr Emomotimi Agama, aims to bring order and protect investor interests within the landscape.
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Moreover, this milestone opens up opportunities for partnerships between Quidax and conventional financial institutions as it expands its operations pending approval.
The reaction from Quidax has been overwhelmingly positive, with the company viewing the SEC’s endorsement as a crucial enhancer for the local cryptocurrency scene.&nbsp;
The approval aligns with the SEC’s recent comprehensive update to its digital assets guidelines, which includes measures on the issuance, exchange, and custody of cryptocurrencies.&nbsp;
Additionally, the introduction of the Accelerated Regulatory Incubation Programme is designed to help virtual asset service providers meet the new regulatory demands.
Despite concerns that the rigorous licensing requirements might deter smaller entities due to the high capital requisite and insurance mandates, Nigeria continues to be a global leader in crypto adoption.&nbsp;
Recent data from Chainalysis positions Nigeria as second worldwide in cryptocurrency usage, highlighting its essential role in the international digital assets landscape.
The structured regulatory framework and granting Quidax’s license may attract more foreign investment into Nigeria’s cryptocurrency market. These changes promise to create a more secure and stable environment for local and global investors, potentially driving further growth in this dynamic sector.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
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Nigeria SEC Grants First Crypto Exchange License to Quidax

The Crypto Times

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