On Wednesday, the Securities and Exchange Commission (SEC) clarified that it recently granted “approval-in-principle” to two cryptocurrency exchanges to enhance capital market participation among Nigerian youth.
The approval, granted on Thursday, applies to Busha Digital Ltd. and Quidax Technologies Ltd., allowing them to operate under the Accelerated Regulatory Incubation Program (ARIP).
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Dr. Emomotimi Agama, SEC’s Director General, provided this information in a statement issued in Lagos.
Agama emphasized that, in line with President Bola Tinubu’s goal of engaging with young people, it was crucial to establish a framework that would boost their participation, as well as that of other Nigerians, in the market.
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“It is important that we act accordingly. We can not be left out of the global phenomenon that is beginning to take shape.
“SEC, as a future looking institution, is poised to making sure that we are in the league of countries that do what is needed.
“As much as possible, we are building talents to be able to deal with the challenges that these asset classes could bring to our shores.
“A lot of young Nigerians are fully involved in cryptocurrencies and we cannot shut the door against them, rather the intention of the president is to have them included in the capital market.
“That is why SEC is ensuring that there is regulation and no one is hurt at the end of the day, which is part of our responsibility to protect investors and develop the market,”he said.
Agama noted that the commission is proceeding carefully to ensure that these institutions do not pose risks to the national economy or to the citizens who invest in them.
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