Nigeria’s Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AIP) to seven digital asset companies under its Accelerated Regulatory Incubation Programme (ARIP), marking another significant step in the country’s efforts to establish a regulated and transparent cryptocurrency ecosystem.
The latest approvals expand the number of crypto and blockchain firms operating within the SEC’s regulatory sandbox, a framework designed to encourage innovation while ensuring investor protection and market stability.
According to a statement released by the Commission, the newly admitted companies include Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.
The SEC explained that each company successfully met the admission requirements for participation in the Accelerated Regulatory Incubation Programme. However, it emphasized that the Approval-in-Principle should not be interpreted as a full operating licence.
The Commission clarified that the approval allows participating firms to operate only within the defined scope of the programme while remaining subject to ongoing regulatory supervision, operational standards and compliance requirements. Companies must continue to satisfy all applicable obligations before they can qualify for a final licence.
According to the SEC, the expansion of the regulatory sandbox demonstrates its commitment to supporting responsible innovation in Nigeria’s rapidly growing digital asset sector while safeguarding investors and maintaining the integrity of the country’s capital market.
The latest development follows the Commission’s earlier admission of cryptocurrency exchanges Quidax and Busha into the ARIP framework in August 2024, making them among the first crypto trading platforms to receive regulatory recognition under the programme.
One of the newly admitted companies, Luno Nigeria, welcomed the approval, describing it as an important milestone in its operations within the Nigerian market.
In a separate statement, Luno said the Approval-in-Principle followed an extensive engagement process with the SEC and provides greater regulatory certainty as the company continues expanding its services across the country.
Luno Nigeria Chief Executive Officer, Ayotunde Alabi, said the approval reflects the company’s long-term commitment to operating responsibly in one of Africa’s largest cryptocurrency markets.
He noted that clearer regulation would strengthen the company’s relationship with individual customers, institutional investors and business partners while supporting its plans to expand into business-to-business (B2B) digital asset services.
According to Luno, growing regulatory clarity is becoming increasingly important as banks, fintech companies, payment providers, asset managers and corporate organisations continue exploring blockchain technology and digital asset solutions.
The company also revealed plans to broaden its institutional offerings by providing digital asset infrastructure, stablecoin solutions, treasury management services and crypto-as-a-service products for businesses seeking to integrate cryptocurrency into their operations.
Nigeria’s regulatory sandbox has continued to evolve since its launch, providing innovative fintech and blockchain companies with an opportunity to test products and services under the supervision of the SEC before obtaining full regulatory approval.
In addition to the companies currently operating under the Accelerated Regulatory Incubation Programme, the Commission has previously admitted several firms into its broader Regulatory Incubation (RI) programme, allowing them to test emerging financial technologies within a controlled environment.
The SEC confirmed that it is still reviewing additional applications from digital asset companies and stated that future Approval-in-Principle decisions will continue to be granted on a case-by-case basis as applicants meet the required regulatory standards.
The latest approvals underscore Nigeria’s ongoing efforts to create a well-regulated digital asset industry capable of fostering innovation, attracting investment and promoting confidence among businesses and cryptocurrency users while maintaining appropriate oversight of the rapidly evolving sector.
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