The Securities and Exchange Commission (SEC) has taken another major step toward tightening oversight of Nigeria’s cryptocurrency industry by admitting seven digital asset companies into its Accelerated Regulatory Incubation Programme (ARIP).
The initiative is designed to bring crypto and blockchain operators under formal regulatory supervision while allowing them to operate within a controlled environment before they are considered for full operating licences.
According to the Commission, the newly admitted firms have received approval-in-principle, enabling them to conduct business within the programme’s approved scope while undergoing assessments on regulatory compliance, corporate governance and risk management.
The seven companies are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.
The SEC said the incubation programme is part of its broader strategy to formalise Nigeria’s rapidly growing digital asset sector, which has continued to expand despite years of regulatory uncertainty.
Under the programme, participating firms will operate in a supervised environment while the Commission evaluates their operations, including asset custody systems, consumer protection measures and safeguards against fraud, market abuse and operational risks.
“These entities would receive the Commission’s approval-in-principle, permitting them to operate within the defined scope of the Programme and subject to conditions stipulated by the Commission,” the regulator stated.
The Commission clarified that approval-in-principle is not a full operating licence and should not be interpreted as regulatory endorsement. Full authorisation will only be granted after participating firms satisfy all regulatory requirements during the incubation period.
The latest approvals build on the earlier admission of Quidax and Busha into the programme in August 2024, reflecting the SEC’s continued efforts to establish a structured licensing framework for digital asset service providers.
The regulator reaffirmed its commitment to promoting responsible innovation, improving transparency, strengthening investor protection and supporting sustainable growth in Nigeria’s capital market.
The expansion of crypto oversight comes as Nigeria continues to tighten regulations in the digital asset sector following increased scrutiny of cryptocurrency platforms, with regulators introducing stricter registration, licensing and compliance requirements to bring operators under formal supervision.
