On Wednesday, the Securities and Exchange Commission (SEC) clarified its recent decision to grant “approval-in-principle” to two crypto exchanges, Busha Digital Ltd. and Quidax Technologies Ltd., under the Accelerated Regulatory Incubation Program (ARIP).
This move is aimed at providing Nigerian youths with greater opportunities for capital market involvement.
Dr. Emomotimi Agama, SEC’s Director General, explained in a Lagos statement that this initiative aligns with President Bola Tinubu’s goal of engaging young Nigerians and integrating them into the market. Agama emphasized the importance of adapting to the global trend and ensuring Nigeria remains at the forefront of financial innovation.
“As a forward-thinking institution, SEC is committed to keeping pace with global developments and fostering talent to address the emerging challenges of these asset classes,” Agama said. “Given the substantial involvement of young Nigerians in cryptocurrencies, it is crucial that we integrate them into the capital market rather than exclude them.”
He further assured that SEC’s regulatory measures aim to protect investors and foster market development, while carefully managing risks to the national economy and ensuring that these new institutions do not pose threats to citizens and their investments.