New entrants receive Approval-in-Principle under the Commission’s Accelerated Regulatory Incubation Programme as Nigeria strengthens regulation of the cryptocurrency industry…..
The Securities and Exchange Commission (SEC) has expanded its regulatory oversight of Nigeria’s digital asset industry by admitting seven additional companies into its Accelerated Regulatory Incubation Programme (ARIP).
In a statement issued on Friday, the Commission said the newly admitted firms have been granted Approval-in-Principle (AIP), allowing them to operate within the programme under strict regulatory and supervisory conditions while they work towards obtaining full licences.
The companies admitted into the latest cohort are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.
The latest approvals build on the SEC’s ongoing efforts to establish a structured regulatory framework for digital asset service providers. In August 2024, the Commission admitted crypto exchanges Quidax and Busha into the programme as part of its drive to formalise the country’s rapidly growing cryptocurrency market.
According to the SEC, receiving Approval-in-Principle confirms that a company has met the requirements for participation in the regulatory sandbox but does not amount to a full operating licence.
The Commission explained that participating firms must continue to comply with all applicable regulatory, operational and supervisory obligations before they can be considered for final approval.
It added that the expansion of the programme reflects its commitment to encouraging innovation in the financial technology sector while safeguarding investors and maintaining confidence in Nigeria’s capital market.
Reacting to the development, Luno Nigeria described the approval as a significant milestone in its operations, noting that it followed extensive engagement with the SEC.
Chief Executive Officer of Luno Nigeria, Ayotunde Alabi, said the Approval-in-Principle reinforces the company’s long-term commitment to operating responsibly in one of Africa’s largest cryptocurrency markets.
He noted that greater regulatory clarity would strengthen the company’s relationship with customers and institutional partners while creating opportunities to expand its business-to-business (B2B) offerings.
According to Luno, growing interest from banks, fintech firms, payment providers, asset managers and corporate organisations has increased demand for regulated digital asset services.
The company said it plans to broaden its institutional offerings to include digital asset infrastructure, stablecoin solutions, treasury management services and crypto-as-a-service products.
The Accelerated Regulatory Incubation Programme serves as the SEC’s regulatory sandbox, providing digital asset companies with a controlled environment to test their business models under regulatory supervision before obtaining full licences.
The framework allows the Commission to evaluate emerging technologies and investment products while ensuring adequate consumer protection and preserving market integrity.
The latest admissions further reinforce the SEC’s long-term strategy of bringing virtual asset service providers into a regulated environment after years of uncertainty surrounding cryptocurrency operations in Nigeria.
Nigeria remains one of Africa’s biggest cryptocurrency markets, with digital asset adoption continuing to grow among retail and institutional users despite previous regulatory restrictions.
