It's been month Nigerian apex bank, CBN, lifted a two-year restrictions on crypto. Now, cryptocurrency firms and startups are now lobbying for SEC License. It's been reported that two crypto startups are in talks for Licenses with the Nigeria's Security Exchange Commission (SEC).
This mark a significant move for these companies to make haste and advantage of the latest u-turn by regulators. Quidax and Luno are the crypto firms currently speaking to SEC about operating license. However, both platform didn't comment on this development.
Furthermore, another crypto firm taking advantage of this regulators recent u-turn is "Yellow Card." The platform is also currently in talk with the SEC for Licensing. "We have not made any public moves yet, but it is in the process," the company announced last week.
However, Yellow Card is taking two steps forward immidiately after the CBN lifted the crypto ban. The crypto platform announced last week its partnership with American crypto exchange platform Coinbase, declaring that their coactions will give Nigerians and people in 19 other African countries access to use Coinbase’s wallet, buy stablecoin (USDC), save the coin, and trading the coin in any format e.g in OTC market.
With the look of things, it seems Nigerian Government has seen the potentials of Blockchain Technology. It's now making move to adopt it as fast as possible so that it'll not be at the back when other countries are afar ahead.
In addition, the latest innovations; Blockchain SIM Card and Crypto Better SIM, built out of Blockchain Technology is enough to convince the regulators to enhance how cryptos are being adopted in their nations.
In a move to enhance crypto adoption in Nigeria, CBN has also approved cNGN, a stablecoin pegged to the naira on a ratio 1:1. It's also been seen that crypto startups are moving quickly toward operating license because the crypto ban lifting eases business for them.