The absence of a clear regulatory framework for cryptocurrency can jeopardise a country’s ability to attract Foreign Direct Investment (FDI) and retain economic value within its borders, the co-founder and chief executive officer of Quidax, Buchi Okoro, has stated.
This is even as Okoro has hailed the Nigerian Securities and Exchange Commission’s (SEC) new regulatory framework, stating that it aligns Nigeria’s crypto market with global opportunities and positions the country for long-term economic growth.
Okoro, during an interview with journalists, stressed that, a structured regulatory environment is crucial for attracting Foreign Direct Investment (FDI) while ensuring that the benefits remain within Nigeria’s economy, adding that the SEC’s proactive approach, including clear licensing processes and structured regulations, has paved the way for Nigeria to tap into the burgeoning global cryptocurrency market, emphasising that this framework not only provides clarity for local operators but also ensures that the local economy can benefit from the global crypto boom.
“The Nigerian crypto industry is experiencing a pivotal moment, and it’s fantastic to see stakeholders moving toward creating a robust and sustainable market.
The SEC in particular has taken commendable steps, including bringing operators into the sandbox and issuing licenses under a well-defined framework. This bold move has made it easier for companies like Quidax to engage in the ecosystem confidently and securely,” he stated.
He disclosed that Quidax’s journey with the SEC has been long and evolving. “We started the process some time ago, but things shifted dramatically in 2024 with the arrival of the new administration at the SEC, led by the director-general, Dr. Emomotimi Agama. This leadership team truly understands cryptocurrency and digital assets, and their knowledge was evident in the new licensing framework they developed.
“Engaging with the SEC now is like night and day compared to previous years. The new leadership, including the board, director-general, and executive commissioners, brought a fresh perspective. Their proactive approach has been a game changer, making it easier for operators to align with regulatory expectations,” he further disclosed.
Okoro stressed that platforms, like Quidax play a critical role in building the ecosystem by providing secure and reliable crypto transaction services, implementing robust Know Your Customer (KYC) processes, and collaborating with regulators to create a safe environment
Looking ahead, Okoro expressed optimism for 2025, predicting increased adoption, better education, and a more vibrant crypto ecosystem in Nigeria. While acknowledging that regulation is an evolving process, he commended the SEC’s commitment to fostering a secure and sustainable market.
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