The Securities and Exchange Commission (SEC) has admitted seven additional digital asset companies into its Accelerated Regulatory Incubation Programme (ARIP), further expanding regulatory oversight of Nigeria’s growing cryptocurrency and digital asset sector.
In a statement issued on Friday, the Commission said the newly admitted firms had been granted Approval-in-Principle (AIP), enabling them to operate within the scope of the regulatory sandbox while complying with specified regulatory, operational and supervisory requirements.
The companies admitted into the programme are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.
According to the SEC, the Approval-in-Principle confirms that each company has met the admission requirements for participation in the programme but does not constitute a final operating licence.
“An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme. Please note that it is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational and supervisory obligations,” the Commission stated.
The regulator said the latest admissions underscore its commitment to fostering responsible innovation while safeguarding investors and maintaining the integrity of Nigeria’s capital market.
The development follows the admission of Quidax and Busha into the Commission’s regulatory framework in August 2024 as part of ongoing efforts to establish a structured regulatory regime for digital asset service providers.
Reacting to the approval, one of the newly admitted firms, Luno Fintech Nigeria Limited, described the development as a significant milestone after what it said was an extensive engagement process with the Commission.
Luno, which commenced operations in Nigeria in 2015, said the Approval-in-Principle provides greater regulatory certainty as it expands its presence in the country’s digital asset market.
Chief Executive Officer of Luno Nigeria, Ayotunde Alabi, said the approval validates the company’s long-standing commitment to operating responsibly within Nigeria’s evolving regulatory environment.
“This is an important milestone for Luno Nigeria and a strong validation of our commitment to building responsibly in one of Africa’s most important cryptocurrency markets,” Alabi said.
He noted that the approval would strengthen the company’s engagement with retail customers, institutional partners and business clients while supporting its planned expansion into business-to-business (B2B) digital asset services.
According to the company, increasing regulatory clarity is expected to encourage greater participation by financial institutions, fintech companies, payment providers, asset managers and corporate organisations seeking digital asset solutions.
Luno added that it plans to broaden its institutional offerings to include digital asset infrastructure, stablecoin applications, treasury solutions and crypto-as-a-service products.
The Accelerated Regulatory Incubation Programme serves as the SEC’s regulatory sandbox, allowing digital asset service providers and other investment service providers to operate under close regulatory supervision while the Commission evaluates their business models and emerging technologies before granting full operational licences.
The initiative forms part of the Commission’s broader strategy to establish a comprehensive regulatory framework for Nigeria’s digital asset industry, balancing innovation with investor protection and market integrity as cryptocurrency adoption continues to grow across the country.
Nairametrics