Under the Nigerian SEC’s Accelerated Regulatory Incubation Program (ARIP), Busha and Quidax have received the first provisional licenses to operate as regulated Virtual Asset Service Providers in Nigeria.

Busha’s CEO commented: “Our team has been unwavering in our commitment to fostering a safe, secure, and transparent environment for all users of digital assets in Nigeria. This provisional license from the SEC is a testament to the rigorous standards we have upheld since day one.”

This is a milestone for the Nigerian cryptocurrency sector, and places both firms in a position for growth and innovation in the blossoming crypto landscape.

The Nigerian SEC stated: “The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorised 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 SEC’s Regulatory Incubation (RI) Program also admitted crypto firms Trototech Ltd, Wrapped CBDC Ltd, Dream City Capital, and HousingExchange.NG Ltd to test their technology and models, Other applications for the RI program and ARIP are still being processed.