Africa-based cryptocurrency exchange Quidax has been granted a provisional operating licence by Nigeria's Securities and Exchange Commission. In essence, the licence allows the company to function as a Digital Assets Exchange, and this development marks Quidax as the first cryptocurrency exchange to achieve such a status in Nigeria.

This move aligns with Nigeria’s ongoing efforts to formally recognise and regulate the cryptocurrency industry, aiming to provide clearer regulatory oversight. Impact of the SEC licence on Nigeria's crypto landscape In response to the licence approval, Quidax officials revealed that the exchange's decisions are centred around ensuring that customers can use their platform securely and with confidence. They also acknowledged the SEC's role in bringing order and investor protection to the industry.

Quidax representatives view these recent developments as a positive step for Nigeria's acceptance of cryptocurrency and expressed satisfaction in being part of this pivotal moment. They also expressed gratitude towards Nigerian regulators for their cooperation with industry stakeholders in developing guidelines that promote innovation and trust within the emerging crypto ecosystem. There's hope that this regulatory advancement could position Nigeria ahead of other countries in terms of cryptocurrency regulation.

With the SEC licence, Quidax is now positioned to collaborate with banks and other financial institutions, contingent on further approval from the Central Bank of Nigeria. The licence is further expected to support trust in cryptocurrency and provide additional protection for crypto users in Nigeria. Quidax sent out an email to its customers, expressing thanks for their support and emphasising the significance of the SEC's approval.

The email described the approval as a catalyst for further progress in the Nigerian cryptocurrency community and reaffirmed Quidax’s commitment to innovation, security, and compliance. More information about Quidax Founded in 2018, Quidax is a cryptocurrency exchange based in Africa, offering services for buying, selling, storing, and transferring cryptocurrencies. The platform also facilitates over-the-counter (OTC) trading and provides fintech companies with a dedicated API to integrate cryptocurrency services.

At the time of writing, Quidax has a presence in more than 70 countries. .