On Thursday, African-founded cryptocurrency exchange, Quidax announced that it has become the first crypto exchange to receive a provisional operating license by Nigeria’s Securities and Exchange Commission (SEC) as a Digital Assets Exchange.

The license which was presented by the Securities and Exchange Commission grants Quidax the permission to operate as a registered crypto exchange in Nigeria as the nation begins the formal recognition and much needed regulatory oversight, to the cryptocurrency industry.

Speaking on the development, Buchi Okoro, Co-founder and CEO of Quidax said “At Quidax, the customer is our priority, every decision we make is to ensure that customers transact on our platform easily, safely and with confidence. We commend the SEC under the leadership of Dr. Emomotimi Agama, for taking the bold step to bring order, confidence and investor protection to our industry. This is a big win for Nigeria’s embrace of crypto, and we are glad to be a part of this historical moment.”

The Quidax CEO further thanked Nigerian regulators for collaborating with industry players to craft guidelines that will drive innovation and build trust in the budding crypto ecosystem. Buchi says it marks a significant step in crypto and would enable Nigeria to leapfrog other countries when it comes to crypto regulation.