Quidax, an African-founded cryptocurrency exchange, has achieved a groundbreaking milestone by becoming the first crypto exchange to secure a provisional operating license from Nigeria’s Securities and Exchange Commission (SEC).
This development allows Quidax to function as a registered digital assets exchange within the country, signaling the beginning of formal recognition and regulatory oversight of the cryptocurrency industry in Nigeria.
Leadership and Vision in Crypto Regulation
The granting of this license is a significant move towards establishing a structured framework for cryptocurrency operations, fostering a safe and regulated environment for users and investors. Buchi Okoro, co-founder and CEO of Quidax, expressed his appreciation for the SEC’s initiative, led by Dr. Emomotimi Agama, which was to integrate order and investor protection into the growing industry. Okoro emphasized that this regulatory milestone not only prioritizes customer security and confidence but also positions Nigeria at the forefront of crypto regulation globally.
Enhanced Collaborations and Trust
With the new license, Quidax is set to expand its collaborations with banks and financial institutions across Nigeria, pending approval from the Central Bank of Nigeria. This advancement is expected to enhance the trust quotient significantly among cryptocurrency enthusiasts and investors in the country, providing a secure platform for their transactions.