According to TechFlow, on September 2, according to The Block, Quidax, a cryptocurrency exchange founded in Africa, announced that it has obtained a temporary operating license issued by the Nigerian Securities and Exchange Commission (SEC), becoming the country's first platform to obtain a digital asset exchange license. This marks the beginning of Nigeria's formal recognition and necessary supervision of the cryptocurrency industry.

Quidax co-founder and CEO Buchi Okoro said this is a major victory for Nigeria's embrace of cryptocurrency and will pave the way for the country to surpass other countries in cryptocurrency regulation. This license enables Quidax to work with banks and other financial institutions, but it still needs to obtain approval from the Central Bank of Nigeria.