Quidax, a leading African cryptocurrency platform, announced on Tuesday that it has become the first in Nigeria to obtain a provisional operating license as a digital assets exchange from national regulators.
This milestone marks a significant move towards broader acceptance of cryptocurrency within the country, where both the Nigerian Securities and Exchange Commission (SEC) and the Central Bank of Nigeria have historically shown hostility toward the industry.
The license represents a pivotal moment for Quidax and the future of digital assets in Nigeria.
“The granting of the crypto exchange license shows that the government is open to innovation and aims to build trust in the budding crypto ecosystem,” Quidax co-founder and CEO Buchi Okoro told Decrypt.
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.”