{"id":90248,"date":"2024-08-19T04:08:30","date_gmt":"2024-08-19T08:08:30","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=90248"},"modified":"2024-08-19T04:10:23","modified_gmt":"2024-08-19T08:10:23","slug":"nigerias-sec-licenses-first-crypto-exchange","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nigerias-sec-licenses-first-crypto-exchange\/","title":{"rendered":"Nigeria’s SEC Licenses First Local Crypto Exchange"},"content":{"rendered":"\n

Other local exchanges will likely emulate Quidax's approach and strive to satisfy the SEC's requirements as the regulatory environment<\/a> evolves.<\/p>\n\n\n\n

\"Nigeria's<\/figure>\n\n\n\n

In a significant development for Nigeria\u2019s rapidly growing cryptocurrency sector, the Securities and Exchange Commission (SEC) has granted the first provisional operating license to Quidax, an African-founded crypto exchange. <\/p>\n\n\n\n

This milestone marks the beginning of formal recognition and essential regulatory oversight for the country's digital asset<\/a> industry.<\/p>\n\n\n\n

According to a statement shared with Cointelegraph, the SEC's license allows Quidax to operate as a registered crypto exchange in Nigeria, representing a major step toward legitimizing the crypto market. <\/p>\n\n\n\n

Quidax celebrated this achievement in an email, describing the SEC\u2019s approval as a \u201cshot of adrenaline\u201d for the Nigerian crypto community, encouraging further innovation and growth.<\/p>\n\n\n\n

Regulatory Milestone<\/h2>\n\n\n\n

Buchi Okoro, Co-founder and CEO of Quidax, commended the SEC, particularly under the new leadership of Dr. Emomotimi Agama, for taking decisive steps to bring order, confidence, and investor protection to the crypto industry. <\/p>\n\n\n\n

With this regulatory approval, Quidax can now collaborate with banks and other financial institutions, pending the Central Bank of Nigeria\u2019s approval.<\/p>\n\n\n\n

This licensing follows a comprehensive update to the SEC\u2019s rules on June 21, which addressed digital asset issuance, offering platforms, exchanges, and custody. <\/p>\n\n\n\n

A key component of this regulatory update is the introduction of the Accelerated Regulatory Incubation Programme (ARIP), designed to help virtual assets service providers (VASPs) comply with the new regulatory standards.<\/p>\n\n\n\n

Despite these positive developments, there were initial concerns that the stringent licensing requirements might drastically reduce the number of local crypto exchanges. <\/p>\n\n\n\n

The Nigerian SEC requires a minimum upfront capital of 500 million naira ($556,620) and a Fidelity Insurance Bond covering at least 25% of the required minimum paid-up capital for both Digital Assets Exchanges and Digital Assets Offering Platforms (DAOs).<\/p>\n\n\n\n

Nigeria\u2019s Crypto Landscape<\/h2>\n\n\n\n

Nigeria, Africa\u2019s largest economy, has consistently ranked among the top countries for cryptocurrency adoption. <\/p>\n\n\n\n

A recent survey across 15 countries found that Nigeria has the world\u2019s most cryptocurrency-aware population. <\/p>\n\n\n\n

Chainalysis\u2019 \u201c2023 Cryptocurrency Geography Report\u201d ranked Nigeria second\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in crypto adoption among 154 countries, highlighting its crucial role in the global digital asset ecosystem.<\/p>\n\n\n\n

However, despite the high adoption rates, the expected surge of foreign crypto investment has not occurred as anticipated. <\/p>\n\n\n\n

The new regulatory framework and Quidax\u2019s licensing could potentially change this by creating a more stable and secure environment for both local and international investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Other local exchanges will likely emulate Quidax’s approach and strive to satisfy the SEC’s requirements as the regulatory environment evolves. In a significant development for Nigeria\u2019s rapidly growing cryptocurrency sector, the Securities and Exchange Commission (SEC) has granted the first provisional operating license to Quidax, an African-founded crypto exchange. This milestone marks the beginning of […]<\/p>\n","protected":false},"author":56,"featured_media":90252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11407,21],"tags":[710,376,984,350,1502,143],"class_list":["post-90248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-exchange","category-news","tag-business","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-nigeria","tag-regulation","tag-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/Nigerias-SEC-Licenses-First-Local-Crypto-Exchange.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=90248"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/90252"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=90248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=90248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=90248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}