Nigeria, through the Securities and Exchange Commission (SEC), has officially granted operational approvals to several crypto operators, indicating an acceptance of the digital currency.
On Thursday, the SEC announced that it had granted approval-in-principle to two Digital Asset Exchanges to begin operations under its Accelerated Regulatory Incubation Program (ARIP). Five firms were also admitted to test their models and technology under its Regulatory Incubation Program.
The approved firms include Busha Digital Limited, Quidax Technologies Limited, Trovotech Ltd, Wrapped CBDC Ltd, HousingExhange.NG Ltd, Dream City Capital, and Blockvault Custodian Ltd.
The ARIP was introduced by the SEC to onboard firms that had already begun operations before the release of the Rules on Virtual Asset Service Providers in May 2022. The RI Program was designed to evaluate the business models of digital asset firms and allow them to test their products, services, and technology in a real-world market environment under the regulator’s close supervision.
This latest development follows a recent announcement by Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS) that the government is drafting an executive bill to overhaul revenue administration, including regulating the cryptocurrency industry.