The Securities and Exchange Commission, SEC, has granted two digital assets Exchanges “Approval-in-Principle” to commence operation under the Accelerated Regulatory Incubation Program, ARIP.
Efe Ebelo, the spokesperson of the commission announced this in a statement on Thursday in Lagos.
According to Ebelo, the companies that were granted the approval are Busha Digital Ltd., and Quidax Technologies Ltd.
She said that the approval-in-principle was in furtherance of SEC’s commitment to enabling innovation that would deepen the capital market while guaranteeing the protection of investors.
She said that the cohort comprises of two digital asset exchanges, four digital asset offering platforms and one digital asset custodian.
“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, invest and make payments in cryptocurrencies,” she said.
The spokesperson said that Quidax Technologies operated a cryptocurrency trading platform in Nigeria.
