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Nigerian Crypto Startups Seek SEC Licences After Central Bank Lifts Ban 🇳🇬 ₿

Nigerian Crypto Startups Seek SEC Licences After Central Bank Lifts Ban 🇳🇬 ₿

#crypto
#startup
#legal
In the wake of Nigeria's Central Bank lifting the two-year ban on crypto-related bank accounts, crypto exchanges Quidax and Luno, among others, are racing to secure licences from the Security Exchange Commission (SEC). This marks a pivotal shift for the crypto industry in Nigeria, indicating a strategic move by startups to navigate regulatory changes.

Following the recent lift of the two-year ban on crypto-related bank accounts by Nigeria's Central Bank, Quidax and Luno, two prominent crypto exchanges, have reportedly submitted licence applications to the Security Exchange Commission (SEC). Discussions with regulators began in October 2023, highlighting the crypto industry's efforts to align with regulatory changes. While the ban's removal facilitates business for crypto startups, experts caution that market transformation may not be instantaneous, emphasizing the need for user-friendly platforms to drive adoption. The Central Bank's guidelines now require crypto companies to obtain licences from the SEC, marking a significant shift in the regulatory landscape. Despite inquiries, the SEC has not disclosed the startups that have applied for licences. The move signals a crucial step for the crypto sector in Nigeria, navigating the evolving regulatory environment.


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