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Nigeria SEC Grants First Crypto Exchange License to Quidax

Aug 20, 2024, 09:32 AM

Nigeria's Securities and Exchange Commission (SEC) has granted its first provisional operating license to a local cryptocurrency exchange, Quidax. This move marks a significant step towards formalizing and regulating the cryptocurrency industry in Nigeria. The SEC's decision includes requirements such as a 500 million naira minimum capital and insurance bonds for licensed exchanges. This development is part of a broader initiative by Nigeria to regulate the cryptocurrency market and integrate digital currencies into the national tax system. The Nigerian tax authority has proposed a comprehensive overhaul of the tax system to include cryptocurrencies, aiming to protect investors and ensure compliance within the growing digital currency market.