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🚀🇳🇬 Exclusive: Nigerian Crypto Startups Forge Ahead with Licence Applications 🇳🇬🚀

In a bold move following the lifting of Nigeria's Central Bank ban on crypto-related bank accounts, two crypto startups have submitted licence applications to the country's Security Exchange Commission (SEC). This development, revealed by a trusted source at the exchange to TechCabal, underscores a strategic pivot by crypto startups to capitalize on recent regulatory shifts.

Popular exchanges Quidax and Luno reportedly initiated discussions with the SEC as early as October 2023, according to sources familiar with the matter. While Luno refrained from commenting on ongoing regulatory engagements, Quidax opted not to provide a statement at this time.

Additionally, Yellow Card, another prominent crypto company, is reportedly in the process of engaging regulators. Though no official announcement has been made, insiders reveal progress toward formalizing discussions.

Excitingly, Yellow Card recently announced a groundbreaking partnership with Coinbase, enabling users in Nigeria and 19 other African countries to access Coinbase's wallet, purchase stablecoin (USDC), conduct remittances, save, and engage in everyday commerce.

While the lifting of the ban marks a positive development for crypto startups, industry experts caution against expecting an immediate transformation. Despite regulatory shifts, challenges persist, including pricing differentials among platforms and usability concerns.

Nigerians, known for their price sensitivity, seek accessible and user-friendly platforms. As the crypto landscape evolves, startups must prioritize ease of use and accessibility to drive adoption effectively.

Stay tuned as Nigerian crypto startups navigate regulatory waters and forge ahead in a rapidly evolving digital landscape! 🌍💼 #CryptoNigeria  #RegulatoryShifts  #TechInnovation  🚀🔐

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