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Nigeria’s Bold New Plan to Regulate Crypto: Two Approved Exchanges and a Half-Hearted Warning Against All Others Because Who Needs Rules Anyway?

A comic illustration of a regulatory shield protecting two digital asset exchanges, Busha Digital and Quidax Technologies, from chaos caused by unauthorized crypto operators in Nigeria.

Nigeria’s latest attempt at regulating cryptocurrency is a laughable exercise in futility, much like trying to herd cats with rubber chickens. The Nigerian Securities and Exchange Commission (SEC) has granted ‘approval-in-principle’ to two digital asset exchanges – Busha Digital and Quidax Technologies – because apparently they haven’t been sued into oblivion yet. Meanwhile, the SEC is cautioning Nigerians against dealing with unauthorized entities, as if anyone would bother listening after being burned by their own crypto bros.

Source: bitcoin.com

The Nigerian Securities and Exchange Commission (SEC) has granted “approval-in-principle” to Busha Digital and Quidax Technologies, the first digital asset exchanges to operate in the country. Additionally, four digital asset offering platforms and one custodian have been admitted to the regulatory incubation program to test their technology. The SEC has cautioned the Nigerian public to avoid dealing with unauthorized entities and advised investors to verify the legitimacy of service providers […]

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