Nigeria Celebrates Landmark Moments Amid Major Crypto Regulatory Shifts

• The approval of the crypto exchange Quidax license marked a historic moment for crypto as the Nigerian government reversed its anti-crypto move.

After the depreciation of the Nigerian currency, the government brought in remedies to reinstate financial credibility within the region. These included authorizing enforcement action for non-compliant exchanges and businesses.

Leading crypto exchanges Path Binance out of the market and others decided to work with legislation.

Nigeria Approves Quidax License

Months after a crackdown on the non-compliant crypto exchange, the West African country greenlighted an in-principle license to the local exchange Quidax. The approval of the Quidax operating license demonstrated that the local government had reversed its decision to clamp down on crypto operations.

However, to become the leading crypto epicentre in Africa, the government agreed to embrace a pro-crypto move to support the growth of digital space.

In an exclusive interview, the chief executive of Quidax, Buchi Okoro, highlighted the benefits of receiving the in-principle license. The executive confirmed that the approval of the Quidax license aligns with the government’s objective of promoting financial inclusivity.

However, Mr Okoro advised the government to develop a comprehensive framework for digital assets to foster growth in the crypto industry. The CEO explained that amending the crypto rules would allow the local authorities to take complete charge of digital space.

Reflecting Quidax’s journey to comply with the country’s Securities and Exchange Commission (SEC) requirements, the CEO admitted that the exchange actively collaborated with the market regulators. 

Okoro added that Quidax’s position in the West African market made it easy for the regulators to approve its license. 

Factors Undermining the Growth of the Nigerian Crypto Market

Advertisement Banner

However, Okoro noted that crypto adoption in the region had plummeted due to a lack of clear rules. He urged young adults in the region to be open to innovation and emerging technologies such as crypto and blockchain technology. 

In an interview with the Bitcoin.com News, Okoro reflected on the country’s incredible crypto journey. He recalled that sometimes the government restricted Deposit Money Banks (DMBs) from facilitating crypto transactions. Okoro noted the recent impact of Nigerian authorities clamping down on crypto exchanges to protect consumers from exploitative business activities. 

The executive explained that the prohibitive measure safeguards the Nigerian government’s interests. However, as the crypto sector evolves, Okoro noted that the government has embraced public dialogues to understand crypto concepts better. 

He noted that the Nigerian regulators are abandoning restrictive measures to support the crypto industry’s growth. Okoro admitted that the crypto sector has not been perfect, even in offshore markets such as the US and Europe.

He remained optimistic that the country will witness mass adoption of digital assets through collaboration and the development of clear rules. Leading the best-performing exchange in West Africa, Okoro admitted that crypto adoption has been on the rise due to the benefits offered by this asset. 

The CEO noted that some are embracing crypto as a measure of value while others are a source of generating income. He believes crypto will promote financial inclusivity in Sub-Saharan Africa, where traditional financial products are no longer accessible.

Quidax Reveals Next Move

Moreover, Okoro told the Bitcoin.comNews that the crypto market offers unmatched opportunities to businesses and the government. The executive urged the government to develop clear crypto rules to tap into unrealized economic opportunities. 

The CEO admitted that Quidax had focused its operation in Sub to deliver quality goods and services to the people of West Africa. As Quidax seeks to deepen its roots in the vibrant Nigerian crypto market, Okoro confessed that the exchange has actively supported the government. 

For the last six years, Quidax has focused on meeting the customer’s needs and boasts of having a track record of integrity. Okoro admitted the approval of the license demonstrated Quidax’s commitment to providing customers with cutting-edge solutions. 

He explained that Quidax offers customers a seamless platform to exchange crypto with fiat currency. The Quidax team also supports crypto swapping and order book transfers. For more updates on Nigerian crypto regulation, follow  The Bitjournal.