2 months ago
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The President of the Stakeholders in Blockchain Technology Association of Nigeria, Obinna Iwuno, has expressed optimism that the recent licensing of crypto exchanges by the Securities and Exchange Commission would boost crypto adoption in Nigeria.
He told The PUNCH that the SEC’s decision to license Quidax and Busha crypto exchanges was a significant development that would have far-reaching consequences for the crypto industry in Nigeria.
According to Iwuno, the licenses will not only cast a positive light on Nigeria but also set the stage for broader crypto regulations that the industry has been eagerly anticipating.
He noted that Nigeria currently accounted for over 60 per cent of crypto adoption and trade volume in Africa, and the SEC’s move would further solidify the country’s position as a leader in innovation and a prime destination for crypto-related investments.
He also highlighted the challenges faced by the crypto sector in Nigeria, including the Central Bank of Nigeria’s 2021 ban on crypto transactions and the subsequent arrests of crypto traders.
However, he believed that the SEC’s licensing of crypto exchanges was a crucial step towards reversing the negative perception of Nigeria within the global crypto community.
Iwuno emphasised that the licences would attract investments, create jobs, and generate revenue for the government, adding that Nigeria had set a good example for the continent through the issuance of crypto exchange licences.
“So, this step taken by the SEC is very important. The whole world should know that Nigeria has once again set the pace and taken its rightful position as the leader in Africa by issuing operating licences, which is also a green light for regulations,” Iwuno stated.
On Thursday, the SEC approved in principle two cryptocurrency exchanges, Quidax and Busha, recognising them as legitimate crypto trading platforms. The approval was granted under the SEC’s Accelerated Regulatory Incubation Programme.
The SEC had admitted four additional companies to its Regulatory Incubation Programme, allowing them to test their models and technology. These companies are Trovotech Ltd, Wrapped CBDC Ltd, Dream City Capital, and others, all of which offer digital asset services.
