Legal tender

Nigeria’s Securities Exchange Commission (SEC) has granted the country’s first provisional trading licences to cryptocurrency platforms.

The platforms – Quidax and Busho – are now legally recognised in the country, though their licences must still be approved by the country’s Central Bank.

ITWeb reports that the SEC is also testing the models of four more crypto companies in its regulatory incubation (RI) programme.

Busha’s digital exchange allows consumers in Nigeria and other developing nations to trade cryptocurrencies, while Quidax’s trading platform uses blockchain technology to list and trade existing crypto tokens in Nigeria.

In Nigeria to attain legal status, financial entities are required to introduce new digital products through the SEC’s RI and Accelerated Regulatory Incubation programmes.