Quidax’s License: A Beacon of Hope or a Regulatory Trap? Insights from Nigeria’s Leading Crypto Analyst
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
The Nigerian Securities and Exchange Commission (SEC) has made a landmark decision in the country’s crypto stance by granting “Approval-in-Principle” to two digital asset exchanges, including Quidax Technologies Limited, under its Accelerated Regulatory Incubation Program (ARIP).
The approval is a precursor to full registration, which will require these platforms to adhere to stringent consumer protection and transparency standards.
The SEC’s announcement is part of its dual-track strategy involving the ARIP and the Regulatory Incubation (RI) Program. The ARIP was explicitly designed to onboard firms that had already begun operations before the SEC introduced its Rules on Virtual Asset Service Providers in May 2022.
Conversely, the RI Program is intended to assess digital asset firms’ business models and technological innovations in a controlled, real-time market environment.
Through these initiatives, the SEC aims to regulate the burgeoning use of distributed ledger technology (DLT) in creating and trading crypto assets, thereby ensuring a structured and secure growth of the digital assets sector in Nigeria.
The goal is to refine regulatory policies that will govern the future of digital assets in Nigeria, ensuring that firms like Quidax operate with the highest transparency and consumer protection standards.
The SEC’s stance on cryptocurrency regulation is rooted in its dual objectives of encouraging technological innovation and safeguarding investors.
By introducing the ARIP, the SEC has created a pathway for firms that began
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