• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Nigeria Accepts Crypto, Grants 2 Operators Interim Approvals

by Olushola Bello
10 months ago
in Business
Nigeria Accepts Crypto
Share on WhatsAppShare on FacebookShare on XTelegram

The Securities and Exchange Commission (SEC) has granted two Digital Assets Exchanges ‘Approval-in-Principle’ to commence operation under the Accelerated Regulatory Incubation Program (ARIP).

Advertisement

The companies granted approval are Busha Digital Limited and Quidax Technologies Limited.

Disclosing this in a statement released yesterday, the Commission said the cohort comprises two Digital Asset Exchanges, four Digital asset Offering Platforms and one Digital Asset Custodian.

SEC said “Busha Digital operates a digital exchange that facilitates the buying and selling of crypto assets with fiat currency. It enables individuals and businesses in Nigeria and other developing economies to access basic digital asset investment services. Busha’s customers use the mobile and web applications to buy, sell, store, send, receive, trade and invest and make payments in cryptocurrencies.

“Quidax Technologies operates a cryptocurrency trading platform in Nigeria. The platform leverages blockchain technology to list and trade already issued crypto tokens (assets).”

RELATED

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

9 hours ago
Top Home Teams with Highest Win Rates: Who To Bet On

Top Home Teams with Highest Win Rates: Who To Bet On

13 hours ago

It added that “the services are provided via a proprietary blockchain owned and controlled by Quidax. The exchange platform is both web and mobile enabled for ease of access and use. Quidax also utilises digital wallet to enable its users store, receive and transact in a variety of cryptocurrencies.”

It noted that “similarly, five firms have been admitted to test their models and technology under the SEC’s Regulatory Incubation Program (RI). They are Trovotech Limited, Wrapped CBDC Limited, HousingExhange.NG Limited, Dream City Capital and Blockvault Custodian Limited.

SEC recently introduced the ARIP to strategically on-board firms which had commenced operations prior to the release of the Rules on Virtual Asset Service Providers in May 2022. Conversely, the RI Program was created to assess the business models of Digital Assets firms and test innovative products, services and technology in a real-time market environment under close supervision by the SEC.

According to the Commission, specifically, the current cohort of the ARIP and the RI Program is characterised by the increased use of distributed ledger technology (DLT) in creating and trading crypto assets. The outcome of the process would inform further policy development in this space.

Tests would be conducted on a short-term and small-scale basis and the SEC would continue to work with the participating firms to agree on testing parameters as well as robust consumer safeguards.

“The referenced Approvals-in-Principle are a precursor to the grant of full registration by the SEC and are meant to ensure that appropriate protection and transparency is in place in respect of each product or service.

The Commission advised the public 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 do so,” it added.

 

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Crypto
SendShareTweetShare
Previous Post

Abuja Commerce Chamber Sets 2024 Int’l Trade Fair For Sept 20

Next Post

Taraba ASUCA Demands Payment Of Stepdown Allowances

Olushola Bello

Olushola Bello

You May Like

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike
Business

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

2025/06/28
Top Home Teams with Highest Win Rates: Who To Bet On
Special Report

Top Home Teams with Highest Win Rates: Who To Bet On

2025/06/28
Diadem Group CEO Olaitan Gbenga Honoured In Zambia
Business

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

2025/06/28
Nigeria’s Wealthy Evade Taxes Amid Rising Inequality: Oxfam Report
Business

New Tax Law: Industrialists Project N3.2trn Increase In Non-oil Revenue

2025/06/28
Celebrating President Tinubu’s Remarkable Two Years In Office
Business

Tinubu Confers GCON Honour On Oramah

2025/06/28
Investors Gain N1.43trn From Stocks In 1 Week
Business

Investors Gain N1.43trn From Stocks In 1 Week

2025/06/28
Leadership Conference advertisement

LATEST

Bureaucratic Bottlenecks Delay Billionaire Dantata’s Burial In Saudi Arabia

Aikoriogie Hails Wike Over Reconciliation With Fubara, FCT Transformation

Kwara United Win 2025 President Federation Cup

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

Nollywood Filmmaker, Kayode Peters, Dies In Canada

PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

Fake News Threatens Military Morale — NYSDI

Akwa Ibom APC Chairman Killed In Brawl With PDP Supporters Over Largesse

Niger Killings: NEF Demands State Of Emergency In Northern Nigeria

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.