Nigerian SEC Grants Quidax First Local Crypto Exchange License - Decrypt
decrypt.co
Nigerian SEC Grants Quidax First Local Crypto Exchange License
Nigeria has established the first approved gateway for citizens to gain access to crypto trading, as Quidax's CEO says the government is "open to innovation." African crypto platform Quidax announced Tuesday that it is the first in Niger
1 Users
0 Comments
5 Highlights
0 Notes
Summary
- 🚀 **First License Granted**: Quidax becomes the first local crypto exchange in Nigeria to receive a provisional operating license from the SEC.
- 🌐 **Government Openness**: The Nigerian government is showing a willingness to innovate and build trust in the crypto ecosystem, according to Quidax's CEO.
- 🏦 **Collaboration with Banks**: With the new license, Quidax can now work with banks and financial institutions, following the Central Bank of Nigeria's lifted restrictions on crypto transfers.
- ⚖️ **Regulatory Background**: The SEC's recent actions are seen as a culmination of years of efforts to ensure compliance and oversight in the crypto industry.
- ⚠️ **Caution Advised**: Despite the progress, the SEC has previously warned Nigerians about the risks of investing in crypto assets, labeling them as "extremely risky."
Top Highlights
- Nigerian SEC Grants Quidax First Local Crypto Exchange License Nigeria has established the first approved gateway for citizens to gain access to crypto trading, as Quidax's CEO says the government is "open to innovation."
- African crypto platform Quidax announced Tuesday that it is the first in Nigeria to receive a provisional operating license as a digital assets exchange from national regulators. It’s a significant step in the direction of crypto acceptance from the government, where both the Nigerian SEC and central bank have a history of hostility toward the ind...
- Okoro said that the SEC’s latest action isn’t so much a “shift” in regulatory outlook, but instead a “result of years of collaborative effort that takes time to ensure the resources are put in place to ensure compliance.”
- In late June, the SEC gave local “virtual asset service providers” 30 days to re-register their businesses with the agency amid the threat of enforcement action. The new registration aimed to amend Nigeria’s crypto regulations and bring proper oversight to the industry. Just last week, Nigerian SEC Chief Emomotimi Agama teased in an interview that...
- Still, relations between the crypto and the SEC remain tense. In a June 2023 circular, the agency warned Nigerians to be “wary of investing in crypto assets,” which it deemed “extremely risky” and potentially resulting in “total loss of their investment.”
Domain
Ready to highlight and find good content?
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.