The Securities and Exchange Commission (SEC) of Nigeria has granted “Approvals-in-Principle” to seven crypto-based service providers, marking a significant step in the country’s regulation of the cryptocurrency sector.
The approvals, announced on Thursday, August 29, include companies like Busha Digital Limited, Quidax Technologies Limited, and Blockvault Custodian Ltd, among others.
These approvals serve as a preliminary step toward full registration, aimed at ensuring transparency and protection for consumers.
In a statement, the SEC highlighted that these firms will operate under the Accelerated Regulatory Incubation Program (ARIP), which was launched in July 2024.
This program is designed to integrate crypto exchanges that were active before the SEC introduced rules for virtual asset service providers in May 2022.
