The Securities and Exchange Commission (SEC) has granted “approval-in-principle” to two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, under its accelerated regulatory incubation programme (ARIP).
According to SEC, Busha facilitates crypto-fiat transactions, while Quidax operates a cryptocurrency trading platform. Both offer mobile and web applications for various crypto services.
Additionally, five firms have been admitted to test their models under SEC’s regulatory incubation programme: Trovotech Ltd, Wrapped CBDC Ltd, HousingExhange.NG Ltd, Dream City Capital, and Blockvault Custodian Ltd.
These approvals follow SEC’s recent announcement to license virtual asset providers. The ARIP aims to strategically onboard firms operating before the May 2022 rules on virtual asset service providers.
SEC explained that these approvals-in-principle precede full registration and are designed to ensure appropriate protection and transparency for each product or service.
