The first provisional licenses to function as regulated Virtual Asset Service Providers in Nigeria have been granted to Busha and Quidax under the Nigerian SEC's Accelerated Regulatory Incubation Program (ARIP).

The CEO of Busha stated: "Our team has remained steadfast in our dedication to creating a transparent, safe, and safe environment for all Nigerian users of digital assets. The SEC's temporary license is evidence of the high standards we have maintained from the beginning.

This is a significant development for the cryptocurrency industry in Nigeria and puts both businesses in a position for expansion and innovation in the rapidly developing crypto space.

"The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorised to carry out the business of crypto trading in Nigeria," the Nigerian Securities and Exchange Commission (SEC) said. For well-meaning organizations looking to legally offer their digital goods and services to the Nigerian capital market, the ARIP and RI continue to be their sole options.

It is highly recommended that members of the public avoid doing business with unlicensed operators who have not applied to and been approved by the SEC under the ARIP or RI Program. Additionally, intending investors are encouraged to always verify if companies claiming to offer investing services are legally permitted to do so by visiting one of the several SEC information portals.

Trototech Ltd., Wrapped CBDC Ltd., Dream City Capital, and HousingExchange.NG Ltd. are among the cryptocurrency companies that were accepted into the SEC's Regulatory Incubation (RI) Program to test their concepts and technologies. We're still processing other applications for the ARIP and RI program.