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The Securities and Exchange Commission (SEC) has admitted seven digital asset companies into its Accelerated Regulatory Incubation Programme (ARIP), reinforcing efforts to establish a structured regulatory framework for Nigeria’s growing cryptocurrency and blockchain ecosystem.
The latest admissions, announced by the Commission, grant the companies Approval-in-Principle (AIP), allowing them to operate within a supervised regulatory environment while undergoing assessments for full authorisation.
The firms 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, ARIP provides an opportunity for emerging digital asset operators to test their products and business models under regulatory supervision before receiving full operating licences.
The Commission explained that participating firms will operate within defined parameters while regulators evaluate their compliance with governance, operational, risk management and investor protection requirements, including standards relating to asset custody, fraud prevention and market integrity.
“These entities will 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. An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the programme,” the regulator stated.
The SEC emphasised that the approval should not be interpreted as a final operating licence or an endorsement of any investment products or services offered by the firms. Full authorisation, it noted, will depend on each company’s continued compliance with regulatory, operational and supervisory obligations throughout the incubation process.
The latest approvals build on the Commission’s earlier admission of digital asset platforms Quidax and Busha into the regulatory framework in 2024, reflecting its continued efforts to develop a formal licensing pathway for Virtual Asset Service Providers (VASPs) and other blockchain-based financial service providers.
According to the SEC, the incubation programme forms part of a broader strategy to promote responsible innovation while strengthening investor confidence and safeguarding the integrity of Nigeria’s capital market.
The Commission reaffirmed its commitment to supporting technological advancements that improve market efficiency, transparency, financial inclusion and sustainable growth without compromising regulatory standards.
It also advised members of the public to verify the regulatory status of individuals and organisations offering digital asset investment opportunities through the Commission’s official verification channels before committing funds.
Nigeria’s evolving crypto regulatory framework follows increased scrutiny of the digital asset sector in recent years, with regulators introducing stricter registration, licensing and compliance requirements aimed at bringing all market participants under formal oversight while encouraging responsible innovation.
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