The Nigerian government through the Securities and Exchange Commission (SEC) has granted approval in principle to two cryptocurrency firms, Busha Digital Limited and Quidax Technologies Limited, to commence operations in the country.

The approval comes as part of the SEC’s Accelerated Regulatory Incubation Program (ARIP), a new initiative designed to provide a structured framework for digital asset companies to operate under strict regulatory oversight.

The move marks a major step forward in the formalization and regulation of digital assets within Nigeria.

The two firms, Busha Digital Limited and Quidax Technologies Limited, are well-established names in the Nigerian cryptocurrency space.

With the approval, they are now authorized to offer cryptocurrency trading and related services to the public, under close supervision by the SEC.

The “approval-in-principle” allows the companies to begin operations and further develop their platforms while undergoing rigorous evaluations to ensure full compliance with regulatory standards.

The SEC emphasized that this preliminary endorsement is a critical step in fostering innovation while ensuring investor protection and market integrity.

The SEC’s ARIP is designed to balance the need for innovation with the necessity of maintaining a secure and transparent financial ecosystem.

The successful implementation of the ARIP could pave the way for more digital asset companies to enter the Nigerian market.