Nigeria’s Securities and Exchange Commission (SEC) has granted an “Approval-in-Principle” to two crypto exchanges allowing them to begin operations in the country under the Accelerated Regulatory Incubation Program (ARIP) program of the Commission.
This was announced by the SEC in a statement on Thursday.
The approved firms are Busha Digital Limited and Quidax Technologies Limited.
Five firms have also been admitted to test their models and technology under its Regulatory Incubation (RI) Program.
The firms are Trovotech Ltd, Wrapped CBDC Ltd, Dream City Capital, HousingExhange.NG Ltd. and Blockvualt Custodian Ltd.
It noted that other applications received are being assessed would be granted Approval-in-Principle on a case-by-case basis as they meet all SEC requirements.
The Commission stressed the legal status of the companies as crypto trading platforms in Nigeria.
“The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorized to carry out the business of crypto trading in any form in Nigeria.
“In this regard, the ARIP and RI remain the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian Capital market.
“The public is strongly advised to refrain from dealing with illegal operators who have not applied to and received the SEC’s approval under the ARIP or the RI Program.
“Intending investors are also reminded to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to so do,” the Commission stated.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.