The Securities and Exchange Commission(SEC) of Nigeria collaborated with Quidax, a digital exchange, to educate traditional finance professionals and leaders on digital asset management and its integration into conventional finance.
This was discussed at a two-day event held by the SEC and Quidax at the Capital Club in Victoria Island, Lagos.
This event builds upon a series of significant regulatory milestones in Nigeria’s digital finance landscape.
The Investments and Securities Act 2023, signed into law by President Bola Tinubu, formally classifies cryptocurrencies and other virtual assets as securities, placing them squarely under the SEC’s regulatory purview.
Abdulrasheed Dan Abu, Head of FinTech and Innovation at the Securities and Exchange Commission, said that the program’s alignment with the commission’s dual mandate of regulating and developing the capital market.
“The education of our finance industry stakeholders is important as we have the twofold role of driving innovation in digital assets management and aim to lead the rest of the world in the adoption of digital assets on an institutional level while providing the regulatory support to enable institutions to safely participate,” he stated.
The adoption of digital assets into traditional finance aligns with global trends, such as the Markets in Crypto-Assets (MiCA) Regulation in the European Union, which provides a comprehensive regulatory framework for crypto-assets.
Furthermore, the SEC’s recent issuance of rules for Virtual Asset Service Providers (VASPs) mirrors the recommendations set forth by the Financial Action Task Force (FATF) in its guidance for a risk-based approach to virtual assets and virtual asset service providers, aimed at combating money laundering and terrorist financing.
While the licensing process is currently undergoing further due diligence, the foundational regulatory intent remains clear.
Read also: We’re Building for 1.5 Billion People Who Can’t Be Left Behind – Quidax CEO at Consensus 2025
Buchi Okoro, Co-founder and CEO of Quidax, said that the initiative is designed to support adoption by educating both novice and experienced participants within the financial industry.
“Adoption starts with education. This event caters to people at different knowledge levels, from beginners to those who have conducted blockchain pilots,” he explained.
Okoro said Quidax is solving African problems for Africans, “and this partnership with the SEC helps us do that within regulatory guardrails,” he said, “reflecting a commitment to localized solutions within global regulatory best practices, akin to the principles outlined in the African Continental Free Trade Area (AfCFTA) agreement, which seeks to foster economic integration across the continent.”
Abraham Balogun, Head of Non-card Payment Services at Interswitch, said that the collaboration to educate finance professionals has brought a better understanding of digital asset management.
He said that light has been shed on issues around security and risk management strategies from an infrastructure standpoint.
“ Digital assets are the next big thing, and we are always open to partnering with the likes of Quidax and related partners in our pursuit to adopt these changes and drive innovation in payments and digital assets,” Balogun said.
Pascal Maguire, sales director for Africa at Fireblocks, shared the key to the need for greater engagement from traditional finance leaders.
“Traditional finance leaders need to be engaged and educated some more on these topics. This enables them to see that they have trusted partners in firms like Quidax, Fireblocks, and the SEC who can both educate them and guide them on their adoption and innovation journey.”
Maguire said that regulators can play a role by providing licensing frameworks to enable traditional finance players to feel more comfortable about the digital ecosystem.
“It is important that partners like Quidax and regulators continue this job of education and stakeholder engagement as it is vital to seeing any change in behavior in the Nigerian finance ecosystem, ” he said.
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