As a seasoned crypto investor with roots deeply entrenched in Nigeria’s bustling tech scene, I find these recent developments by the Nigerian Securities and Exchange Commission (SEC) nothing short of exhilarating. The approval of Busha Digital and Quidax Technologies as the first officially recognized digital asset exchanges is a significant step forward for our country’s crypto industry.
The Nigerian Securities and Exchange Commission (SEC) has granted conditional approval to two digital asset trading platforms, Busha Digital and Quidax Technologies, to legally operate within Nigeria. This preliminary approval significantly enhances the nation’s cryptocurrency sector, as these exchanges become the first to receive SEC endorsement.
On August 29th, I learned that five firms were welcomed into the SEC’s Regulatory Incubation (RI) program, which falls under its division of accelerated regulatory incubation. This program is designed to expedite the licensing process for companies working with digital assets. Among these new entrants are four platforms specializing in digital asset offerings: Trovotech Ltd, Wrapped CBDC Ltd, Housingexhange.NG Ltd, and Dream City Capital. Furthermore, Blockvault Custodian Ltd has been accepted as a digital asset custodian. As part of this program, these companies will have the opportunity to submit their technology and business models to the SEC for review.
SEC Warns Public About Unauthorized Crypto Operators
The Accelerated Regulatory Incubation Program (ARIP) provides preliminary regulatory approval for digital asset-related firms, enabling them to begin operations while they await comprehensive regulations. Notably, these companies employ Digital Ledger Technology (DLT) for crypto asset creation and trading. The testing conducted by these firms will be small-scale and short-term, offering the Securities and Exchange Commission valuable insights that may guide future policy-making.
In these same communications, the Securities and Exchange Commission (SEC) has issued a word of caution against engaging with deceptive strategies and entities that have not been authorized. It’s recommended for investors to verify the legitimacy of digital asset service providers by visiting the official SEC websites. The SEC is taking these steps to shield customers and ensure that only legitimate and approved participants operate within the market.
At present, the SEC is reviewing numerous requests for digital asset trading platforms, with expectations of granting approval to those that comply with their established rules. This action underscores Nigeria’s commitment to fostering a safe ecosystem suitable for the growing cryptocurrency market.
Read More
- PENDLE PREDICTION. PENDLE cryptocurrency
- Skull and Bones Players Report Nerve-Wracking Bug With Reaper of the Lost
- SOLO PREDICTION. SOLO cryptocurrency
- NBA 2K25 Review: NBA 2K25 review: A small step forward but not a slam dunk
- W PREDICTION. W cryptocurrency
- Mastering Destiny 2: Tips for Speedy Grandmaster Challenges
- Rainbow Six Siege directory: Quick links to our tips & guides
- League of Legends: Saken’s Potential Move to LOUD Sparks Mixed Reactions
- Dragon Quest III HD-2D Remake Review: History Repeats
- Aphrodite Fanart: Hades’ Most Beautiful Muse Unveiled
2024-09-02 01:44