In written responses to questions from Bitcoin.com News, Okoro, however, urged Nigerian authorities to create a clear legal framework that allows for a smooth launch of products and services by crypto businesses. Such a framework, he said, would enable the government to supervise the crypto sector while fostering innovation.

Regarding Quidax‘s early licensing by the Nigerian Securities and Exchange Commission (SEC) compared to other exchanges, Okoro attributed it to Quidax’s proactive engagement with regulators. He also suggested that Quidax’s status as a Nigerian company might have influenced the SEC’s decision to grant approval.

When asked about Nigerians’ continued embrace of crypto despite regulatory uncertainty, Okoro pointed to the high proportion of millennials and Gen Zers in the population, demographics known for their openness to innovation. Below are Okoro’s answers to all the questions sent.

Buchi Okoro (BO): I’d say it’s still the early days in the Nigerian crypto space. The government in its actions had reasons to do what it thought was best at the time. But now, with proper dialogue and a better understanding of the digital asset landscape, we are seeing a shift from clampdowns to embracing possibilities.

Even the developed regions like the US and Europe are not perfect. So, globally crypto adoption is still in its infancy. But with clearer regulations and stronger collaborations from both sides, we will see broader adoption and exciting evolution in the Nigerian crypto space and beyond.

BO: An idea whose time has come can hardly be hidden. There’s more awareness around crypto because of its numerous advantages to retail and institutional investors. Everyone is embracing crypto for different reasons; some as a store of value and others as a profitable investment.

Moreover, almost everyone is online and some traditional financial services are not accessible. Cryptocurrencies solve many of these problems, and more people are turning to them. Let’s not forget that a great percentage of Nigerian adults are millennials and Gen Zers – young people who are digital natives and open to innovation.

BO: Absolutely! We have seen firsthand the efforts put into understanding the crypto market by the government. The potential of the crypto market is endless, with diverse opportunities for both the government and individuals.

The recent developments in terms of regulation show that Nigerian authorities are creating various channels of support for crypto businesses, which may result in broader adoption. And I believe what the government has to do is create a legal framework that is not only clear about crypto trading and investing but also gives room for crypto businesses to find soft landing when launching their products and services.

BO: First, Quidax is an African cryptocurrency exchange that was founded by Nigerians. So, we have our feet dipped into the Nigerian market to understand how best to deliver quality services to our customers.

We have also been in dialogue with the regulators for several years because we understand that an approval is a win-win for everyone. Moreover, we’ve been operating for over 6 years with a verifiable track record of integrity and utmost customer satisfaction. For us, the license is a representation of the trust our customers have in us and our commitment to delivering top notch services to customers

BO: We offer our customers an easy way to move from Naira to Crypto and back as well as swapping from one crypto to another crypto. Our customers can do this using our instant swap feature and order book exchange.

As an entity with a Securities and Exchange Commission (SEC) provisional license, every product offered by Quidax is and will be carried out in line with the requirements of relevant regulations from the SEC. Crypto regulations were designed taking into account the dynamic nature of the industry and we abide by them for all our services. The CBN also has guidelines on how bank accounts for licensed crypto exchanges will be operated. We intend to fully comply with these guidelines as well.

BO: The best way to defeat a common enemy is through collaboration. In this case the common enemy to both us and the government are bad actors that try to use crypto for illicit transactions.

One way we solve this problem is through our KYC and AML process for everyone that signs up as a customer. We also have internal transaction monitoring tools that sometimes flag suspicious transactions even from verified customers.

BO: For every one person using crypto today there are 10-20 people who we believe will start using crypto before 2030. Crypto is not just another asset class but it can be the difference between going hungry and putting food on the table. As a teacher-cum-crypto trader I spoke to a few months ago told me, Crypto has allowed him to feed himself and his family while pursuing his passion of educating children.

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