The Nigerian crypto industry has been through a series of ups and downs, with the government initially taking a strong stance against cryptocurrencies. However, recent regulatory developments suggest a shift towards supporting crypto businesses in the country. Buchi Okoro, CEO of Quidax, a digital asset exchange that recently obtained an operating license, believes that these changes could lead to increased adoption of crypto assets in Nigeria.
Quidax’s proactive engagement with regulators played a key role in obtaining early licensing from the Nigerian Securities and Exchange Commission (SEC). Okoro emphasized the importance of creating a clear legal framework that allows for the smooth launch of products and services by crypto businesses, enabling both government oversight and innovation in the sector.
Despite regulatory uncertainties, Nigerians continue to embrace crypto due to its advantages for both retail and institutional investors. The country’s high proportion of millennials and Gen Zers, who are known for being open to innovation, also contribute to the increasing awareness and use of cryptocurrencies in Nigeria.
In terms of regulation, Nigerian authorities are exploring the unique opportunities that crypto can offer the country. Okoro believes that creating a clear legal framework for crypto trading and investing, while also supporting crypto businesses, is essential for fostering innovation and broader adoption.
Quidax’s approval to operate in Nigeria can be attributed to the company’s Nigerian roots, proactive engagement with regulators, and track record of integrity and customer satisfaction. The platform offers services such as easy conversion between Naira and crypto, as well as compliance with relevant regulations from the SEC and CBN.
To address concerns about illicit use of crypto, Quidax implements KYC and AML processes for customer verification, along with internal transaction monitoring tools to flag suspicious activities. Collaboration between the industry and government is key to combating illicit transactions while capitalizing on the potential opportunities offered by crypto.
Looking ahead to 2030, Okoro envisions a significant increase in crypto adoption in Nigeria, with more people turning to crypto as a means of financial empowerment. He believes that crypto can make a real difference in people’s lives, providing opportunities for financial security and economic growth in the face of increasing socioeconomic challenges.
Overall, the evolving regulatory landscape and increasing awareness of crypto assets in Nigeria point towards a promising future for the country’s crypto industry. With the right support and collaboration, crypto businesses like Quidax can play a significant role in driving innovation and financial inclusion in Nigeria.